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--December 13 Statement Follows for Comparison     
     WASHINGTON (MNI) - The following is the complete text of the FOMC 
statement issued Wednesday. The December 13 statement follows for 
comparison: 
     Information received since the Federal Open Market Committee met in 
December indicates that the labor market has continued to strengthen and 
that economic activity has been rising at a solid rate. Gains in 
employment, household spending, and business fixed investment have been 
solid, and the unemployment rate has stayed low. On a 12-month basis, 
both overall inflation and inflation for items other than food and 
energy have continued to run below 2 percent. Market-based measures of 
inflation compensation have increased in recent months but remain low; 
survey-based measures of longer-term inflation expectations are little 
changed, on balance. 
     Consistent with its statutory mandate, the Committee seeks to 
foster maximum employment and price stability. The Committee expects 
that, with further gradual adjustments in the stance of monetary policy, 
economic activity will expand at a moderate pace and labor market 
conditions will remain strong. Inflation on a 12-month basis is expected 
to move up this year and to stabilize around the Committees 2 percent 
objective over the medium term. Near-term risks to the economic outlook 
appear roughly balanced, but the Committee is monitoring inflation 
developments closely. 
     In view of realized and expected labor market conditions and 
inflation, the Committee decided to maintain the target range for the 
federal funds rate at 1-1/4 to 1-1/2 percent. The stance of monetary 
policy remains accommodative, thereby supporting strong labor market 
conditions and a sustained return to 2 percent inflation. 
     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 objectives of 
maximum employment and 2 percent inflation. 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. 
The Committee will carefully monitor actual and expected inflation 
developments relative to its symmetric inflation goal. The Committee 
expects that economic conditions will evolve in a manner that will 
warrant further gradual increases in the federal funds rate; the federal 
funds rate is likely to remain, for some time, below levels that are 
expected to prevail in the longer run. However, the actual path of the 
federal funds rate will depend on the economic outlook as informed by 
incoming data. 
     Voting for the FOMC monetary policy action were Janet L. Yellen, 
Chair; William C. Dudley, Vice Chairman; Thomas I. Barkin; Raphael W. 
Bostic; Lael Brainard; Loretta J. Mester; Jerome H. Powell; Randal K. 
Quarles; and John C. Williams. 
-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*- 
     The following is the text of the FOMC statement released after the 
policy meeting held December 12 - 13, 2017:
     Information received since the Federal Open Market Committee met in 
November indicates that the labor market has continued to strengthen and 
that economic activity has been rising at a solid rate. Averaging 
through hurricane-related fluctuations, job gains have been solid, and 
the unemployment rate declined further. Household spending has been 
expanding at a moderate rate, and growth in business fixed investment 
has picked up in recent quarters. On a 12-month basis, both overall 
inflation and inflation for items other than food and energy have 
declined this year and are running below 2 percent. Market-based 
measures of inflation compensation remain low; survey-based measures of 
longer-term inflation expectations are little changed, on balance. 
     Consistent with its statutory mandate, the Committee seeks to 
foster maximum employment and price stability. Hurricane-related 
disruptions and rebuilding have affected economic activity, employment, 
and inflation in recent months but have not materially altered the 
outlook for the national economy. Consequently, the Committee continues 
to expect that, with gradual adjustments in the stance of monetary 
policy, economic activity will expand at a moderate pace and labor 
market conditions will remain strong. Inflation on a 12-month basis is 
expected to remain somewhat below 2 percent in the near term but to 
stabilize around the Committees 2 percent objective over the medium 
term. Near-term risks to the economic outlook appear roughly balanced, 
but the Committee is monitoring inflation developments closely. 
     In view of realized and expected labor market conditions and 
inflation, the Committee decided to raise the target range for the 
federal funds rate to 1-1/4 to 1-1/2 percent. The stance of monetary 
policy remains accommodative, thereby supporting strong labor market 
conditions and a sustained return to 2 percent inflation. 
     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 objectives of 
maximum employment and 2 percent inflation. 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. 
The Committee will carefully monitor actual and expected inflation 
developments relative to its symmetric inflation goal. The Committee 
expects that economic conditions will evolve in a manner that will 
warrant gradual increases in the federal funds rate; the federal funds 
rate is likely to remain, for some time, below levels that are expected 
to prevail in the longer run. However, the actual path of the federal 
funds rate will depend on the economic outlook as informed by incoming 
data. 
     Voting for the FOMC monetary policy action were Janet L. Yellen, 
Chair; William C. Dudley, Vice Chairman; Lael Brainard; Patrick Harker; 
Robert S. Kaplan; Jerome H. Powell; and Randal K. Quarles. Voting 
against the action were Charles L. Evans and Neel Kashkari, who 
preferred at this meeting to maintain the existing target range for the 
federal funds rate. 
--MNI Washington Bureau, Tel: +1 202-371-2121; email: 
dcoffice@marketnews.com
[TOPICS: MT$$$$,MMUFE$,MGU$$$,M$U$$$]