Information received since the Federal Open Market Committee met in October indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a strong pace, business fixed investment and exports remain weak. 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 remain low; 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. The Committee decided to maintain the target range for the federal funds rate at 1‑1/2 to 1-3/4 percent. The Committee judges that the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective. The Committee will continue to monitor the implications of incoming information for the economic outlook, including global developments and muted inflation pressures, as it assesses the appropriate path of the target range for the federal funds rate.

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; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren.


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。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1.50─1.75%に維持することを決定した。委員会は現行の金融政策の運営姿勢が、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%に近いインフレ率を支えるために適切だと判断する(judges that the current stance of monetary policy is appropriate)。委員会はFF金利の目標誘導レンジの適切な道筋を見極めるに当たり、世界動向や弱いインフレ圧力を含む(including global developments and muted inflation pressures)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引き続き注意深く監視する。