Summary:
- Available indicators suggest that economic activity has been expanding at a sold pace. (Change)
- Job gains have remained low, and unemployment rate has shown some signs of stabilization. (Change)
- The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
- Inflation has moved up since earlier in the year and remains somewhat elevated. (No Change)
- Uncertainty around the economic outlook remains elevated. (No Change)
- The Committee is attentive to the risks to both sides of its dual mandate. (Change)
- In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent. (Change)
- In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. (Change)
- The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. (No Change)
- Stephen I. Miran and Christopher J. Waller preferred to lower the target range for the federal funds rate by 1/4 percentage point, and Jeffrey R. Schmid preferred no change to the target range for the federal funds rate at this meeting. (Change)
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