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Information obtained since the December meeting shows that the job market continues to grow and economic activity increases at a steady pace. Employment, household expenditures and fixed investment in enterprises have been growing steadily with unemployment remaining low. The overall inflation and the core inflation rate, excluding food and energy prices, are still below 2%. Overall, the market-based indicators of inflation-compensation have risen in recent months but are still low, and the longer term indicators of inflation expectations based on the inquiries have shown little change.

The Commission will seek to promote employment maximization and price stability in accordance with the statutory goals. The Committee predicts that with the further gradual adjustment of monetary policy stance, the economic activity will moderately expand and the job market conditions will remain strong. The inflation rate is expected to rise this year and stabilize near the 2% target of the Commission in the medium term. The short-term risks to the economic outlook appear to be broadly balanced, but the committee is closely watching inflation.

In view of the realized and expected job market conditions and inflation, the Commission decided to maintain the target rate for the federal funds at 1.25-1.50%. Loose monetary policy stance will therefore support the job market conditions remain strong, and led inflation continued to rise to 2%.

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