Recent indicators suggest that economic activity has been expanding atThe Federal Open Market Committee approved the following statement for release by a solid pace. Job gains have remained low, on average, and the unemployment rate has been little changed in recent months. Inflation is elevated, in part reflecting the recent increase in global energy prices.12 – 0 vote:

The Committee seeksdecided to achieve maximum employment and inflationmaintain the target range for the federal funds rate at the rate of 2 percent over the longer run. Developments3-1/2 to 3-3/4 percent, in the Middle East are contributing to a high level of uncertainty about the economic outlook.support of the Federal Reserve’s dual mandate. The Committee is attentive toreaffirmed its policy of maintaining ample reserves in the risks to both sides of its dual mandate.banking system.

In support of its goals, the Committee decided to maintain the target range for the federal funds rateEconomic activity is expanding at 3‑1/2 to 3‑3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data,a solid pace despite elevated uncertainty that owes, in part, to the conflict in the evolving outlook,Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the balance of risks. The Committee is strongly committed to supporting maximum employmentworkforce, and returning inflation to its 2 percent objective.the unemployment rate has changed little.

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 preparedInflation remains elevated relative to adjust the stance of monetary policy as appropriate if risks emergethe Committee’s 2 percent goal, in part reflecting supply shocks that could impede the attainment of the Committee’s goals.have driven price increases in certain sectors, including energy. The Committee’s assessmentsCommittee will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.deliver price stability.