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The Federal Open Market Committee voted to maintain target interest rates at a range of 4.25% to 4.5%.
Statement: The FOMC said:
Swings in net exports have affected the data, but recent indicators suggest that economic activity has continued to expand at a solid pace.
The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid, but inflation remains somewhat elevated.
Powell Remarks: In a news conference following the announcement, Federal Reserve Chair Jerome Powell said “the appropriate thing to do is to wait and see how things evolve” given economic uncertainty.
Vote: All committee members voted in favor of the policy action.
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