[All FOMC members unanimously agreed on this rate hike, compared to the previous meeting's vote of 9 in favor and 3 against] BlockBeats reports that on September 17, the Federal Reserve raised interest rates by 25 basis points, increasing the benchmark rate to 3.75%-4.00%. This marks the first rate hike since July 2023 and aligns with market expectations, following five consecutive meetings where the Fed held rates steady. The FOMC statement noted that despite uncertainties, U.S. economic activity continues to expand at a solid pace, domestic consumption remains strong, but inflation remains elevated. The latest economic projections show that Federal Reserve officials expect the median federal funds rate to reach 4.1% by the end of 2026, higher than the 3.8% forecast in June. Similarly, the median rate projection for the end of 2027 has been raised to 4.1%, significantly up from the 3.6% forecast in June. All FOMC members unanimously agreed on this rate decision, whereas the previous meeting's vote was 9 in favor and 3 against.