(Bloomberg) --
(Bloomberg) -- Following is the FOMC statement releasedtoday by the Federal Reserve in Washington:
Information received since the Federal Open Market Committee metin September indicates that the labor market has continued tostrengthen and that economic activity has been rising at astrong rate. Job gains have been strong, on average, in recentmonths, and the unemployment rate has declined. Householdspending has continued to grow strongly, while growth ofbusiness fixed investment has moderated from its rapid paceearlier in the year. On a 12-month basis, both overall inflationand inflation for items other than food and energy remain near 2percent. Indicators of longer-term inflation expectations arelittle 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 maintain the target rangefor the federal funds rate at 2 to 2-1/4 percent.
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; John C. Williams, Vice Chairman; Thomas I.Barkin; Raphael W. Bostic; Lael Brainard; Richard H. Clarida;Mary C. Daly; Loretta J. Mester; and Randal K. Quarles.
SOURCE: Federal Reserve Board
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