Summary:
- Recent indicators suggest that growth of economic activity continued to expand at a solid pace. (No Change)
- Job gains have slowed and the unemployment rate has moved up but remains low. (No Change)
- Inflation has made further progress towards the 2 percent objective but remains somewhat elevated. (No Change)
- The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance. (Change)
- The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
- In support of its goals, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/2 to 4-3/4 percent. (Change)
- In considering 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)
- Continue reducing its holdings of Treasury securities, agency debt, and agency mortgage-backed securities. (No Change)
- Voting is unanimous (Change)
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