(Bloomberg) -- (Bloomberg) -- Following is the FOMC statement releasedtoday by the Federal Reserve in Washington:
Information received since the Federal Open Market Committee metin May indicates that the labor market has continued tostrengthen and that economic activity has been rising at a solidrate. Job gains have been strong, on average, in recent months,and the unemployment rate has declined. Recent data suggest thatgrowth of household spending has picked up, while business fixedinvestment has continued to grow strongly. On a 12-month basis,both overall inflation and inflation for items other than foodand 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 tofoster maximum employment and price stability. The Committeeexpects that further gradual increases in the target range forthe federal funds rate will be consistent with sustainedexpansion of economic activity, strong labor market conditions,and inflation near the Committee's symmetric 2 percent objectiveover the medium term. Risks to the economic outlook appearroughly balanced.
In view of realized and expected labor market conditions andinflation, the Committee decided to raise the target range forthe federal funds rate to 1-3/4 to 2 percent. The stance ofmonetary policy remains accommodative, thereby supporting stronglabor market conditions and a sustained return to 2 percentinflation.
In determining the timing and size of future adjustments to thetarget range for the federal funds rate, the Committee willassess realized and expected economic conditions relative to itsmaximum employment objective and its symmetric 2 percentinflation objective. This assessment will take into account awide range of information, including measures of labor marketconditions, indicators of inflation pressures and inflationexpectations, and readings on financial and internationaldevelopments.
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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