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FOMC Monetary Policy Statement April 30-May 1 Meeting - Text>

--March 20 Statement Follows for Comparison     
     WASHINGTON (MNI) - The following is the complete text of the FOMC 
statement issued Wednesday. The March 20 statement follows for 
comparison: 
     Information received since the Federal Open Market Committee met in 
March indicates that the labor market remains strong and that economic 
activity rose at a solid rate. Job gains have been solid, on average, in 
recent months, and the unemployment rate has remained low. Growth of 
household spending and business fixed investment slowed in the first 
quarter. On a 12-month basis, overall inflation and inflation for items 
other than food and energy have declined and are running below 2 
percent. On balance, market-based measures of inflation compensation 
have remained low in recent months, and survey-based measures of 
longer-term inflation expectations are little changed. 
     Consistent with its statutory mandate, the Committee seeks to 
foster maximum employment and price stability. In support of these 
goals, the Committee decided to maintain the target range for the 
federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to 
view sustained expansion of economic activity, strong labor market 
conditions, and inflation near the Committees symmetric 2 percent 
objective as the most likely outcomes. In light of global economic and 
financial developments and muted inflation pressures, the Committee will 
be patient as it determines what future adjustments to the target range 
for the federal funds rate may be appropriate to support these outcomes. 
     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 2 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. 
     Voting for the FOMC monetary policy action were: Jerome H. Powell, 
Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; 
James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; 
Randal K. Quarles; and Eric S. Rosengren 
-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*- 
     The following is the text of the FOMC statement released after the 
policy meeting held March 19 - 20:
     Information received since the Federal Open Market Committee met in 
January indicates that the labor market remains strong but that growth 
of economic activity has slowed from its solid rate in the fourth 
quarter. Payroll employment was little changed in February, but job 
gains have been solid, on average, in recent months, and the 
unemployment rate has remained low. Recent indicators point to slower 
growth of household spending and business fixed investment in the first 
quarter. On a 12-month basis, overall inflation has declined, largely as 
a result of lower energy prices; inflation for items other than food and 
energy remains near 2 percent. On balance, market-based measures of 
inflation compensation have remained low in recent months, and 
survey-based measures of longer-term inflation expectations are little 
changed. 
     Consistent with its statutory mandate, the Committee seeks to 
foster maximum employment and price stability. In support of these 
goals, the Committee decided to maintain the target range for the 
federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to 
view sustained expansion of economic activity, strong labor market 
conditions, and inflation near the Committees symmetric 2 percent 
objective as the most likely outcomes. In light of global economic and 
financial developments and muted inflation pressures, the Committee will 
be patient as it determines what future adjustments to the target range 
for the federal funds rate may be appropriate to support these outcomes. 
     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 2 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. 
     Voting for the FOMC monetary policy action were: Jerome H. Powell, 
Chairman; John C. Williams, Vice Chairman; Michelle W. Bowman; Lael 
Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. 
George; Randal K. Quarles; and Eric S. Rosengren 
--MNI Washington Bureau, Tel: +1 202-371-2121; email: dcoffice@marketnews.com
[TOPICS: MT$$$$,MMUFE$,MGU$$$,M$U$$$]

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