What did the Fed say on August 1 (text of the statement):

Since the meeting of the Federal Open Market Committee in June, the information received indicates that the labor market continued to grow and that economic activity has developed at a strong pace. The growth in the number of jobs was strong on average in the recent months, and the unemployment rate remained low. Household expenses and business investment have grown strongly. On a 12-month basis, both full inflation and inflation, other than food and energy, remain close to 2 percent. Indicators of long-term inflation expectations slightly changed in the end.

In accordance with its statutory mandate, the Committee seeks to promote maximum employment and price stability. The Committee expects that further incremental increases in the target range of the federal fund's interest rate will be consistent with sustained economic growth, strong labor market conditions, and inflation near the symmetrical 2% target of the Committee for the medium term. Risks for economic prospects seem to be approximately balanced.

In view of the realized and expected conditions of the labor market and inflation, the Committee decided to keep the range for the interest rate on federal funds around 1.75 to 2 percent. Monetary policy remains moderate, thus supporting strong labor market conditions and a gradual return to the 2 percent inflation.

In determining the timing and size of future changes in the target range for the federal fund's interest rate, the Committee will assess the real and expected economic conditions for its maximum employment target and the 2 percent inflation target. This assessment will take into account a wide range of information, including labor market conditions indicators, inflation pressure indicators and inflation expectations and monitoring of financial and international events.

The votes for the FOMC monetary policy decision were from Jerome H. Powell, chairman; John K. Williams, Vice Chairman; Thomas I. Barkin; Raphael W. Bostic; Lael Brainard; Esther L. George; Loretta J. Mester; and Randal K. Quarles.

August 1, 2018