As expected, the FOMC hikes the Fed Funds rate by 25 basis points, bringing the new target range to 1.75%-2%. It's the second hike so far this year.
The last rate hike was on March 21.
The FOMC says the labor market continues to strengthen and economic activity has been rising at a solid rate.
Also points to a pickup in household spending and strong business investment growth.
Press conference set for 2:30 p.m. EDT; watch here.
Source: Press release