FOMC Statement: Rates held between 3.50-3.75% in 11-1 vote (Miran dissents)

RATE DECISION

• Fed maintains target range for federal funds rate at 3.50-3.75%

VOTE SPLIT

• Eleven voted for unchanged; one voted for a 25bps rate cut (Miran)
• Miran preferred to lower the target range for the federal funds rate by 25bps at this meeting

FORWARD GUIDANCE

• Committee will continue to monitor implications of incoming information for the economic outlook
• Committee would adjust the stance of policy as appropriate if risks emerge that could impede its goals
• Assessments will take into account labour market conditions, inflation pressures, inflation expectations, and financial and international developments

OUTLOOK FOR INTEREST RATES

• In considering additional rate adjustments, Committee will carefully assess incoming data, the evolving outlook, and the balance of risks
• Committee says it is strongly committed to supporting maximum employment and returning inflation to 2%

LABOUR MARKET

• Job gains have remained low
• Unemployment rate has been little changed in recent months

INFLATION

• Inflation remains somewhat elevated

GDP GROWTH

• Available indicators suggest economic activity has been expanding at a solid pace

BALANCE OF RISKS

• Uncertainty about the economic outlook remains elevated
• Implications of developments in the Middle East for the US economy are uncertain
• Committee is attentive to risks to both sides of its dual mandate