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This is Bloomberg surveillance with Tom Keene, Jonathan Farrow, and Lisa Abramowitz on Bloomberg Radio.

They raise rates. That's about it. Federal funds now in a range of five and a quarter to five and a half percent.

That is the highest in 22 years. In their statement, Fed officials drop the phrase about pausing to assess the state of the economy, replacing it with, the committee will continue to assess

additional information and its implications for monetary policy. Future guidance was identical to

June, leaving the door open to another rate move in the future. In determining the extent of

additional policy firming that may be appropriate to return inflation to 2% over time, the statement repeats. The committee will take into account the

cumulative tightening of monetary policy, the lags with which monetary policy affects

economic activity and inflation and economic and financial developments. The economic

assessment is little changed.

Activity has been expanding at a moderate pace,

perhaps a little faster than the modest pace seen in June.

Job gains remain robust.

Unemployment remains low, and inflation remains elevated.

...