The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. 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. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3/41-1/2 to 1-3/4 percent and anticipates that ongoing increases in the target range will be appropriate.
https://www.cnbc.com/2022/06/15/heres-what-changed-in-the-new-fed-statement.html