Full text of the Federal Open Market Committee statement from the September 16 meeting

Odaily News: The full text of the Federal Open Market Committee (FOMC) policy statement released by the Federal Reserve is as follows: The Federal Open Market Committee approved the release of the following statement by a 12-0 vote. The Committee decided to raise the target range for the federal funds rate by 25 basis points to 3.75%-4% to support the Federal Reserve's dual mandate. The Committee will continue its policy of maintaining ample reserves in the banking system. Economic activity is expanding at a solid pace. Although uncertainty remains elevated partly due to developments in the geopolitical situation, domestic spending has remained resilient. Productivity growth has been strong, and capital investment has been robust. Job gains have kept pace with the labor force, and the unemployment rate has changed little. Inflation remains elevated. Today's policy action will support a more timely return to the Committee's 2% objective. The Committee will achieve price stability.