WASHINGTON — Below is the statement the Federal Reserve released on Wednesday after its latest policy meeting ended:
Recent indicators suggest that economic activity has been growing at a strong pace. Job growth has moderated since early last year but remains strong and the unemployment rate has remained low. Inflation has decreased over the past year, but remains high.
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 have been better balanced. The economic outlook is uncertain and the Committee remains very alert to inflation risks.
In support of its goals, the committee has decided 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 review the incoming data, the evolving outlook, and the balance of risks. The Committee does not expect that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably towards 2 percent. In addition, the Commission will continue to reduce its holdings of government bonds, sovereign debt and mortgage-backed securities, as described in its previously announced plans. The Committee is determined to return 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; Philip N. Jefferson; Adriana D. Kugler; Loretta J. Mester; and Christopher J. Waller.