Fed meeting live updates: Fed hikes interest rates by 25 basis points as Warsh vows 'timelier return' to 2% inflation

Federal Reserve Chairman Kevin Warsh began speaking at a press conference following the decision to rate interest rates by 25 basis points.

"We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed," Warsh said in his opening remarks. "Today, the FOMC decided that this standard has not been satisfied."

Watch the press conference live below or on YouTube.