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Fed Leaves Rates Unchanged, Says Inflation Close to Target

  • FOMC statement mentions ‘symmetric’ inflation goal twice
  • Repeats economy to warrant further gradual rate increases
Bloomberg business news
Scott Minerd, Guggenheim’s chief investment officer, discusses the FOMC decision.(Source: Bloomberg)
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Federal Reserve officials left interest rates unchanged, acknowledging inflation is close to target without indicating any intention to veer from their gradual tightening of monetary policy.

“Inflation on a 12-month basis is expected to run near the committee’s symmetric 2 percent objective over the medium term,” the policy-setting Federal Open Market Committee said in a statement Wednesday in Washington. “The committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate.”