AvailableRecent indicators suggest that economic activity has been expanding at a solid pace.
AvailableRecent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, on average, and the unemployment rate has been little changed in recent months.
Inflation remains somewhatis elevated, in part reflecting the recent increase in global energy prices. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. UncertaintyDevelopments in the Middle East are contributing to a high level of uncertainty about the economic outlook remains elevated.
The implications of developments in the Middle East for the U.S. economy are uncertain. The Committee is attentive to the risks to both sides of its dual mandate. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent.