The Federal Open Market Committee approved the following statement for release by a 912 – 30 vote:
The Committee decided tomaintainraise the target range for the federal funds rate at 3-1/2by 1/4 percentage point to 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a solidpace despitepace. While uncertainty remains elevated uncertainty that owes, inowing, in part, to the conflict in the Middle East.geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment are strong.is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remainselevated relative toelevated. Today's policy action will support a timelier return to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy.goal. The Committee will deliver price stability.
Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.
The Committee decided to
Economic activity is expanding at a solid
Inflation remains
Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.
