Federal Reserve Holds Interest Rates Steady Following FOMC Meeting

Deep News02:15

The Federal Open Market Committee of the U.S. Federal Reserve has unanimously voted to approve the following policy statement.

In support of its dual mandate, the Committee decided to maintain the target range for the federal funds rate at 3.5% to 3.75%. The Committee also reaffirmed its policy of maintaining an ample level of reserves within the banking system.

Economic activity is expanding at a solid pace, despite facing a degree of uncertainty partly attributed to conflict in the Middle East. Productivity growth and business investment have been robust. Job gains have been in line with growth in the labor force, and the unemployment rate has remained largely unchanged.

The inflation rate continues to exceed the Committee's 2% objective, partly due to supply shocks that have driven price increases in certain areas, including energy. The Committee remains committed to achieving price stability.

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