WASHINGTON — The Federal Open Market Committee voted to hold rates steady at 5.25% during last week's meeting.
The monetary policy making body noted mixed indicators of late and ongoing housing sector adjustments for its decision. "Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters," the FOMC said in a statement.
However, the FOMC acknowledged that inflation remains a concern. "Recent readings on core inflation have been somewhat elevated. Although inflation pressures seem likely to moderate over time, the high level of resource utilization has the potential to sustain those pressures.
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"In these circumstances, the Committee's predominant policy concern remains the risk that inflation will fail to moderate as expected. Future policy adjustments will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information."
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