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The US Federal Reserve released its policy statement at 2am Beijing time and raised interest rates by 25 basis points as expected. The statement said the Fed would take into account the cumulative tightening of monetary policy, the lagged effects of tightening, and economic and financial developments when determining the extent of future increases in the target range.

The Fed statement removed the phrase "ongoing increases in the target range will be appropriate" and replaced it with "some additional policy firming may be appropriate."

Fed Chair Powell said at the press conference that the Fed's policy rate is approaching or has reached a sufficiently restrictive level, and that the disinflationary process has begun.