U.S. Federal Open Market Committee June 19: Statement Text

(Bloomberg) -- Following is the FOMC statement releasedtoday by the Federal Reserve in Washington:

Information received since the Federal Open Market Committee metin May indicates that the labor market remains strong and thateconomic activity is rising at a moderate rate. Job gains havebeen solid, on average, in recent months, and the unemploymentrate has remained low. Although growth of household spendingappears to have picked up from earlier in the year, indicatorsof business fixed investment have been soft. On a 12-monthbasis, overall inflation and inflation for items other than foodand energy are running below 2 percent. Market-based measures ofinflation compensation have declined; survey-based measures oflonger-term inflation expectations are little changed.