Summary:
- Recent indicators suggest that growth of economic activity continued to expand at a solid pace. (No Change)
- Job gains have moderated and the unemployment rate has moved up but remains low. (Change)
- Inflation has eased over the past year but remains somewhat elevated. (No Change)
- In recent months, there has been modest further progress toward the Committee’s 2 percent inflation objective. (No Change)
- The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
- The risks to achieving its employment and inflation goals continue to move into better balance over the past year. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate. (Change)
- To maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any 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)
- Does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. (No Change)
- 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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