Information received since the Federal Open Market Committee met in January indicates that the labor market remains strong but that growth of economic activity has slowed from its solid rate in the fourth quarter. Payroll employment was little changed in February, but job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Recent indicators point to slower growth of household spending and business fixed investment in the first quarter. On a 12-month basis, overall inflation has declined, largely as a result of lower energy prices; inflation for items other than food and energy remains near 2 percent. On balance, market-based measures of inflation compensation have remained low in recent months, and 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. In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.

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.

Voting for the FOMC monetary policy action were: Jerome H. Powell, Chairman; John C. Williams, Vice Chairman; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren.

1月の連邦公開市場委員会(FOMC)以降に入手した情報は、労働市場は力強いまま(remains strong)だが、経済活動の拡大は昨年の第4四半期の堅調な速度から鈍化した(has slowed from its solid rate in the fourth quarter)ことを示している。

2月の就業者数はあまり変わらなかったが(Payroll employment was little changed in February)、雇用の伸びは概してここ数カ月底堅く(solid)、失業率は低いままだった。最近の指標は、第1・四半期に家計支出と企業の設備投資の伸びが減速することを指し示している(Recent indicators point to slower growth of household spending and business fixed investment in the first quarter)。前年同月比で見ると、主にエネルギー価格の下落が原因で全体のインフレ率は低下した(overall inflation has declined, largely as a result of lower energy prices)。食品やエネルギー以外のインフレ率は2%近くにとどまっている。総じて(On balance)、将来のインフレを示す市場ベースの指標はここ数カ月で低くとどまっており(remained low)、調査に基づいた長期的なインフレ期待の指標はあまり変わっていない。