The Federal Reserve kept the target range for the Federal funds rate at 1.50%-to-1.75% at today's FOMC meeting. The lack of action was expected in the Action Economics Forecast Survey. The decision was unanimous amongst FOMC voters.

Few changes were made to the statement which accompanied today's decision.

The Fed continued to characterize economic and consumer spending growth as "moderate," along with "solid" job gains. Growth in business fixed invesment and exports was characterized as "poor."

Overall inflation was expected to return to the Fed's two percent objective after having been below that in 2019.

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