(RTTNews) - In an effort to combat inflation at 40-year highs, the Federal Reserve on Wednesday announced its widely expected decision to raise interest rates for the first time since December of 2018. "With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong," the Fed said. The central bank said it would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Fed's goals of price stability and maximum employment.