Fed FOMC statement: rates unchanged, inflation still above target

The Federal Open Market Committee voted 12-0 to approve the latest statement.

To support the Fed's dual mandate, the Committee decided to maintain the target range for the federal funds rate at 3.5% to 3.75% and reaffirmed its policy of maintaining ample reserves in the banking system.

Despite some degree of uncertainty, partly due to the Middle East conflict, economic activity continues to expand at a solid pace. Productivity growth and capital investment are strong, job gains remain in line with labor force growth, and the unemployment rate has moved little.

Inflation remains above the Committee's 2% objective, partly driven by supply shocks pushing up prices in some sectors, including energy. The Committee is committed to achieving price stability.