Information received since the Federal Open Market Committee
met in May indicates that the labor market remains
strong and that economic activity is rising at a
moderate rate. Job gains have been solid, on average, in
recent months, and the unemployment rate has remained low.
Although growth of household spending and appears to
have picked up from earlier in the year, indicators of business
fixed investment slowed in the first quarter.have been soft. On
a 12-month basis, overall inflation and inflation for items other
than food and energy have declined and are running below 2
percent. On balance, Market-based measures of
inflation compensation have remained low in recent months,
; survey-based measures of longer-term inflation
expectations are little changed.
Consistent with its statutory mandate, the Committee seeks to
foster maximum employment and price stability. In support of
these goals, the Committee decided to maintain the target
range for the federal funds rate at 2-1/4 to 2-1/2 percent. The
Committee continues to view sustained expansion of economic
activity, strong labor market conditions, and inflation near the
Committee's symmetric 2 percent objective as the most likely
outcomes., but uncertainties about this outlook have increased.
In light of global economic and financial
uncertainties and muted inflation pressures, the Committee will
be patient as it determines what future adjustments
monitor the target implications of incoming information for
the federal funds rate may be economic outlook and will act as
appropriate to support the expansion,
with a strong labor market and inflation near its symmetric 2
percent objective.
In determining the timing and size of future adjustments to the
target range for the federal funds rate, the Committee will
assess realized and expected economic conditions relative to
its maximum employment objective and its symmetric 2 percent
inflation objective. This assessment will take into account a
wide range of information, including measures of labor market
conditions, indicators of inflation pressures and inflation
expectations, and readings on financial and international
developments.
Yes I saw where the "The Committee will be patient" has been adjudicated to mean cutting in July no matter what! All of that based on the gobbledygook the Fed puts out in an effort for "transparency".