Following its 2-day meeting, the Federal Open Market Committee announced that it kept the benchmark interest rate unchanged in the target range of 1.75% – 2% in a widely expected decision. Below are key quotes from the monetary policy statement, via Reuters.
- Economic activity has been rising at a strong rate; job gains have been strong in recent months and unemployment rate has stayed low.
- Inflation remains near two percent, longer-term inflation expectations little changed.
- Household spending and business fixed investment have grown strongly.
- Repeats expects further gradual increases in fed funds rate will be consistent with sustained economic expansion, strong jobs market and inflation objective.
- Near-term risks to the economy appear “Roughly balanced”.
- Repeats that stance of monetary policy remains accommodative.
- Fed vote in favor of policy was unanimous.
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