Summary:
- Recent indicators suggest that economic activity has been expanding at a sold pace. (No Change)
- Job gains have remained low, on average, and unemployment rate has been little changed in recent months. (Change)
- The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
- Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook. (New)
- The Committee is attentive to the risks to both sides of its dual mandate. (No 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. (No 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. (No Change)
- The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective. (No 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 preferred to lower the target range for the federal funds rate by 1/4 percentage point. (No Change)
- Beth M. Hammack, Neel Kashkari, and Lorie K. Logan supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time. (Change)
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