At today's meeting of the Federal Open Market Committee, the federal funds rate target was held steady in a range of 1.25%-1.50%. The financial markets had expected today's action as indicated in the Action Economics Forecast Survey.

The Fed continued to characterize the stance of monetary policy as accommodative. Growth in the labor market and in consumer and business spending was viewed as "solid." Overall price inflation and prices excluding food & energy are expected to rise this year, then stabilize near the Fed's 2% objective.

The Fed's expectation for economic growth this year is 2.5%, then 2.1% in 2019. Expected PCE price inflation in 2018 is 1.9%, then 2.0% next year. The expected unemployment rate next year is 3.9%. As a result, the targeted level of the fed funds rate will increase to 2.1%, then 2.7% in 2019.

The press release for today's FOMC meeting can be found here.

Haver's SURVEYS database contains the economic projections from the FOMC.