Having kept the base interest rate in the target range of 2.25% -2.50%, the Federal Committee on the Open Market of the US Federal Reserve System commented on its decision and the current situation in the country:

The Fed has noted an increase in economic activity at a moderate pace and the strong position of the labor market due to the moderate growth of jobs in recent months and the remaining low unemployment rate.

The Fed states that family expenses have increased compared to the beginning of the year, but indicators of investments by business structures look weak.

The Fed still assesses long-term inflation expectations as stable. At the same time, general inflation and core inflation, which do not take into account energy and food prices, are located below 2% on the basis of a 12-month period calculation. The compensatory effect on inflation from the markets has decreased.

In accordance with its authority, the Fed is committed to promote maximum employment and price stability. To ensure the implementation of these tasks, the Fed decided to keep the target interest rate range for federal funds at 2.25% -2.50%. The Fed continues to view a sustainable expansion of economic activity to strengthen the labor market and inflation, close to the symmetrical target level of 2% as designated most likely trend by the Fed. However, the uncertainty regarding the realization of these prospects has increased. Given this unpredictability and restrained inflationary pressure, the Fed will closely monitor incoming information and its economic consequences, which will act accordingly to maintain development in the presence of a strong labor market and inflation close to a symmetrical target level of 2%.

In determining the timing and scope of the future regulation of the target interest rate range for federal funds, the Fed will be guided by both achieved and expected economic progress in comparison with its goals of maximum employment and symmetrical inflation at 2%. This approach will be based on a wide range of information, including parameters of labor market conditions, indicators of inflationary pressure and inflation expectations, as well as financial and international events.

The current monetary policy framework was adopted by a majority of votes (9 against 1). The final decision was not supported by the President of the Federal Reserve Bank of St. Louis, James Bullard, who proposed at this meeting to reduce the target interest rate range for federal funds by 25 basis points to 2.00% -2.25%.