FOMC maintains target interest rate in 1.75-2.00% range

Following its 2-day meeting, the Federal Open Market Committee announced that it kept the benchmark interest rate unchanged in the target range of 1.75% - 2% in a widely expected decision. Below are key quotes from the monetary policy statement, via Reuters.

• Economic activity has been rising at a strong rate; job gains have been strong in recent months and unemployment rate has stayed low.
• Inflation remains near two percent, longer-term inflation expectations little changed.
• Household spending and business fixed investment have grown strongly.
• Repeats expects further gradual increases in fed funds rate will be consistent with sustained economic expansion, strong jobs market and inflation objective.
• Near-term risks to the economy appear "Roughly balanced".
• Repeats that stance of monetary policy remains accommodative.
• Fed vote in favor of policy was unanimous.