The US Federal Open Market Committee approved the following statement with 9 votes in favor and 3 against: In order to support the Federal Reserve's dual mission, the Commission decided to keep the target range of the federal funds rate unchanged at 3.5%-3.75%. The Commission will continue to implement the policy of maintaining sufficient reserves in the banking system. Despite high levels of uncertainty due to factors such as the Middle East conflict, US economic activity is expanding at a steady pace. Productivity growth and capital investment have been strong. New jobs have kept pace with the expansion of the labor force, and the unemployment rate has not changed much. The level of inflation remains high compared to the Commission's 2% target, in part because supply shocks have driven up prices in certain industries, including energy. The Commission will work to achieve price stability. Committee members who opposed this monetary policy action include Beth M. Hamak, Neil Kashkari, and Lori K. Logan. They are inclined to raise the target range of the federal funds rate by 25 basis points at this meeting.

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