Fed FOMC holds rates steady: statement removes dovish tilt
The Federal Open Market Committee voted 12-0 to approve the following statement:
To support the Federal Reserve's dual mandate, the Committee decided to keep the target range for the federal funds rate unchanged at 3.5% to 3.75%. The Committee reiterated its policy of maintaining ample reserves in the banking system.
Although there is some uncertainty, partly due to the conflict in the Middle East, economic activity continues to expand at a solid pace. Productivity growth and capital investment are strong. Job growth is keeping pace with the labor force, and unemployment is little changed.
Inflation remains above the Committee's 2% target, partly because supply shocks have pushed up prices in some areas, including energy. The Committee will remain committed to achieving price stability.

