‘Inflation is too high and has been for too long,’ says Kevin Warsh as Fed announces rate hikes – as it happened

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• US Federal Reserve raises interest rates for the first time since 2023

Kay Haigh, global head and CIO of Fixed Income and Liquidity Solutions at Goldman Sachs Asset Management, has this analysis of today's decision:

The Fed has signalled it does not at this stage envisage an aggressive tightening cycle. Most FOMC members see a total of two hikes this year per the SEP, and it will likely skip October's meeting given its proximity to the midterm elections. One more hike this year in December is our base case, although this remains contingent on upcoming CPI reports and the path of energy prices.