Summary:
- Recent indicators suggest that growth of economic activity has been expanding at a solid pace. (Change)
- Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. (No Change)
- Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. (No Change)
- Inflation has eased over the past year but remains elevated. (No Change)
- Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. (Removed)
- The risks to achieving its employment and inflation goals are moving into better balance. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. (New)
- The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
- The Committee judges that the risks to achieving its employment and inflation goals are moving into better balance. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. (New)
- Maintain the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy. (No Change)
- Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy. (No Change)
- In determining the extent of any future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. (Removed)
- Continue reducing holdings of Treasury securities, agency debt, and agency mortgage-backed securities, as described in previously announced plans. (No Change)
- Voting is unanimous. (No Change)
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