• Information received since the Federal Open Market Committee received since the Federal Open Market Committee met in June indicates that the labor market has continued to strengthen, and that economic activity has been rising at a strong rate.
• Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low.
• Household spending and business fixed investment have grown strongly.
• On a 12-month basis, both overall inflation and inflation for items other than food and energy remain near two percent. Indicators of longer-term inflation expectations are little changed, on balance.

• The Committee decided to leave the target range for the federal funds rate at 1.50 - 1.75 percent.
• The Committee declared that the economy is currently balanced with respect to the risk of higher unemployment or higher inflation. The Fed believes that the probability of either dangerous unemployment or excessive inflation are roughly equal.
• The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric two percent objective over the medium term.

• 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.
• 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.

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