The Federal Reserve’s policymaking committee opted not to raise rates today.
The central bank’s Federal Open Market Committee (FOMC) unanimously voted on its decision
. Although it noted “the labor market has continued to strengthen and that economic activity has been rising at a strong rate,” the committee stated that it wanted to “foster maximum employment and price stability” and noted “further gradual increases in the target range for the federal funds rate” were on the horizon.
“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 two percent inflation objective,” the Fed said in a statement. “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.”