* Economy: The U.S. economy remains in a solid position, despite increased uncertainty and downside risks. The labor market is at or near maximum employment. Inflation has decreased significantly but is still slightly above the Fed's 2 percent target.
* Latest Economic Data: GDP growth slowed in the first quarter but remains positive. Unemployment is low and stable, while wage growth is decelerating. Inflation continues to ease but is still above the Fed's target.
* Monetary Policy: The Fed will continue to assess incoming data and the evolving outlook to adjust its monetary policy as needed. The goal is to maintain inflation at 2 percent and achieve maximum employment.
Key Takeaways:
* The Fed is focused on achieving its dual mandate goals of maximum employment and price stability.
* The U.S. economy remains in a solid position, although there are signs of a slowdown.
* Inflation is decreasing but is still above the Fed's target.
* The Fed will continue to evaluate incoming data and adjust its monetary policy as necessary.