The Federal Open Market Committee (FOMC) has raised its target range for the federal funds rate by 500 bps since March 2022. The rapid pace of tightening last year, which transpired as inflation was shooting higher, was meant to quickly turn the stance of monetary policy from accommodative to restrictive. The Committee has slowed the pace of tightening this year as economic activity has decelerated and inflation has receded. In the statement that was released following the policy meeting on May 3, at which the FOMC hiked rates by 25 bps, and again on June 14, when it kept rates unchanged, the Committee said it would take into account "economic and financial developments" when "determining the extent to which additional policy firming may be appropriate."