Text of the policy statement the Federal Reserve released Thursday

WASHINGTON — Below is the statement the Federal Reserve released Thursday after its latest policy meeting ended:

Recent indicators suggest that economic activity has continued to grow at a robust pace. Since earlier this year, labor market conditions have generally eased and unemployment has risen, but remains low. Inflation has made progress toward the Committee’s 2 percent target, but remains somewhat elevated.

The Committee aims for maximum employment and inflation of 2 percent in the longer term. The Committee believes that the risks to achieving employment and inflation targets are approximately balanced. The economic outlook is uncertain and the Committee is alert to the risks to both sides of its dual mandate.

To support 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. In considering additional adjustments to the target range for the Federal Funds Rate, the Committee will carefully review the incoming data, the evolving outlook, and the balance of risks. The Committee will continue to reduce its holdings of government bonds, government bonds and agency mortgage-backed securities. The Committee is committed to supporting maximum employment and returning inflation to the 2 percent target.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as necessary if risks emerge that could hinder the achievement of the Committee’s objectives. The Committee’s assessments will take into account a wide range of information, including data on labor market conditions, inflationary pressures and expectations, and financial and international developments.

Voting in favor of the monetary policy action were Jerome H. Powell, chairman; John C. Williams, vice chairman; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Maria C. Daly; Beth M. Hammack; Philip N. Jefferson; Adriana D. Kugler; and Christopher J. Waller.