FOMC Holds Rates Steady

At its meeting today, the Federal Open Market Committee (FOMC) unanimously voted to maintain the target range for the federal funds rate at 2.0 to 2.25 percent. The committee’s statement was similar to that of September, once again noting “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.”

The committee’s statement described economic activity as rising at a “strong rate,” while the labor market has strengthened further. Risks to the economic outlook were stated to be “roughly balanced.” The committee next meets on December 18-19.

Read the FOMC statement.