(Bloomberg) -- (Bloomberg) -- Following is the FOMC statement released
today by the Federal Reserve in Washington:
Information received since the Federal Open Market Committee met
in May indicates that the labor market has continued to
strengthen and that economic activity has been rising at a solid
rate. Job gains have been strong, on average, in recent months,
and the unemployment rate has declined. Recent data suggest that
growth of household spending has picked up, while business fixed
investment has continued to grow strongly. On a 12-month basis,
both overall inflation and inflation for items other than food
and energy have moved close to 2 percent. Indicators of longer-
term inflation expectations are little changed, on balance.
Consistent with its statutory mandate, the Committee seeks to
foster maximum employment and price stability. The Committee
expects that further gradual increases in the target range for
the federal funds rate will be consistent with sustained
expansion of economic activity, strong labor market conditions,
and inflation near the Committee's symmetric 2 percent objective
over the medium term. Risks to the economic outlook appear
roughly balanced.
In view of realized and expected labor market conditions and
inflation, the Committee decided to raise the target range for
the federal funds rate to 1-3/4 to 2 percent. The stance of
monetary policy remains accommodative, thereby supporting strong
labor market conditions and a sustained return to 2 percent
inflation.
In determining the timing and size of future adjustments to the
target range for the federal funds rate, the Committee will
assess realized and expected economic conditions relative to its
maximum employment objective and its symmetric 2 percent
inflation objective. This assessment will take into account a
wide range of information, including measures of labor market
conditions, indicators of inflation pressures and inflation
expectations, and readings on financial and international
developments.
Voting for the FOMC monetary policy action were Jerome H.
Powell, Chairman; William C. Dudley, Vice Chairman; Thomas I.
Barkin; Raphael W. Bostic; Lael Brainard; Loretta J. Mester;
Randal K. Quarles; and John C. Williams.
SOURCE: Federal Reserve Board
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