*** FOMC statement ***
* Interest Rates: The FOMC decided to maintain the target range for the federal funds rate at 4.25% to 4.5%. This means the Fed neither raised nor lowered rates.
* Future Decisions: Any further adjustments to interest rates will depend on a careful assessment of incoming data, the evolving economic outlook, and the balance of risks.
* Economic Activity: The U.S. economy continues to expand at a solid pace, despite the influence of swings in net exports. The labor market remains strong, and the unemployment rate is low.
* Inflation: Inflation remains somewhat elevated, even though the Fed's long-term goal is to maintain inflation at 2%.
* Fed's Goals: The Fed aims to achieve maximum employment and stable inflation at a rate of 2%.
* Balance Sheet Reduction: The Fed will continue reducing its holdings of Treasury securities and agency mortgage-backed securities (MBS).
* Commitment to Goals: The Fed is strongly committed to supporting maximum employment and returning inflation to its 2% objective.
* Readiness to Adjust: The FOMC will continue to monitor the implications of incoming information for the economic outlook and is prepared to adjust monetary policy as appropriate if risks emerge that could impede the attainment of its goals. This assessment will consider a wide range of information, including labor market conditions, inflation pressures and expectations, and financial and international developments.
* Voting: All committee members, including Chair Jerome H. Powell, voted in favor of this monetary policy action.
In short, the Fed hit the pause button today but is closely watching the economy and is ready to act if needed.
