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 appears to have picked up from earlier in the year, indicators of business fixed investment have been soft. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation have declined; 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 these uncertainties and muted inflation pressures, the Committee will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain 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.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren. Voting against the action was James Bullard, who preferred at this meeting to lower the target range for the federal funds rate by 25 basis points.

5月の連邦公開市場委員会(FOMC)以降に入手した情報は、労働市場は力強く推移し、経済活動は緩やかなペースで拡大していること(rising at a moderate rate)を示している。雇用の伸びは概してここ数カ月堅調で、失業率は低いままだった。家計支出の伸びは今年初めから上向いたように見えるが(appears to have picked up from earlier in the year)、企業の設備投資の指標は軟調だった(indicators of business fixed investment have been soft)。前年同月比で見ると、全体のインフレ率と食品やエネルギー以外のインフレ率は2%を下回っている。将来のインフレを示す市場ベースの指標は低下した(have declined)。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。

委員会は法律上与えられた責務に従って、雇用最大化と物価安定の促進を目指す。これらの目標を支援するに当たり、委員会はフェデラルファンド(FF)金利の目標誘導レンジを2.25─2.50%に維持することを決定した。委員会は、経済活動の持続的な拡大、力強い労働市場の状況、委員会の対称的な目標である2%に近いインフレ率という結果がもたらされる可能性が高いと引き続きみているが、この見通しに対する不透明感が高まった(uncertainties about this outlook have increased)。これらの不透明性と落ち着いたインフレ圧力を考慮し、委員会は経済の見通しについて今後もたらされる情報の意味合いを注意深く監視し(closely monitor the implications of incoming information for the economic outlook)、力強い労働市場と2%に対称的に近いインフレ目標とともに、景気拡大を維持するために適切に行動する(will act as appropriate to sustain the expansion)。