The Federal Open Market Committee voted to maintain target interest rates at a range of 4.25% to 4.5%.
Statement: The FOMC said that although economic activity has continued to expand and the unemployment rate has stabilized in recent months, inflation remains somewhat elevated.
Vote: All committee members voted in favor of the policy action except Christopher Waller, who supported no change for the federal funds rate, preferring to continue the current pace of decline in securities holdings instead of slowing them.
Economic Projections: In its latest economic projections, the Federal Reserve estimated lower gross domestic product growth in 2025, higher unemployment, and higher inflation than its December projection.