The Federal Open Market Committee voted unanimously at today's meeting to leave the federal funds rate target in a range between 2.25% and 2.50%. The decision was expected in the Action Economics Forecast Survey.

The Fed stated that the labor market was "strong" and that the economy was growing at a "solid" rate. Growth in consumer demand and business investment were observed to have slowed.

On the pricing front, the Fed noted that total inflation and price gains, excluding food & energy, were running below the Fed's 2.0% target. Survey-based measures of long-term inflation expectations were little changed.

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