FOMC STANDS PAT
The Federal Open Market Committee kept its target for the Federal Funds rate at 2%.
While the FOMC continues to see economic activity as expanding on exports and consumer spending, inflation was characterized as high, spurred by earlier increases in the prices of energy and some other commodities.
“Although downside risks to growth remain, the upside risks to inflation are also of significant concern to the Committee. The Committee will continue to monitor economic and financial develpments and will act as needed to promote sustainable economic growth and price stability.”
Mr. Fisher was the lone dissenter.