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July 29, 2015US MONETARY POLICY, JULY 2015 The Federal Open Market Committee (FOMC) announced that it would maintain the target range for the federal funds rate at 0 to 1/4 percent. The FOMC stated that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labour market and is reasonably confident that inflation will move back to 2 percent objective over the medium term. Information since June, indicates that economy is expanding moderately - household spending has been moderate and the housing sector is improving but business fixed investment and net exports remain soft. Increased jobs and declining unemployment has occurred and on balance labour market indicators suggest the underutilization of labour resources has diminished since earlier in the year. Inflation is below Committee's longer-run objective reflecting lower energy prices and decreasing prices of imports.
US Federal Reserve