The following is the complete text of the Federal Open Market Committee (FOMC) policy statement released in Washington.
The Federal Open Market Committee voted unanimously, 12 to 0, to approve the release of the following statement.
The Committee decided to maintain the target range for the federal funds rate at 3.5% to 3.75%, in support of the Federal Reserve's dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a solid pace, although uncertainty is elevated, partly due to conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with labor force growth, and the unemployment rate has changed little.
Inflation remains elevated relative to the Committee's 2 percent objective, partly reflecting supply shocks that have boosted price increases in some sectors, including energy. The Committee is committed to achieving price stability.
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