Text of the Fed's statement after its meeting Wednesday
WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended:
Information received since the Federal Open Market Committee met in March indicates that the labor market has continued to strengthen and that economic activity has been rising at a moderate rate. Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low. Recent data suggest that growth of household spending moderated from its strong fourth-quarter pace, while business fixed investment continued to grow strongly.
On a 12-month basis, both overall inflation and inflation for items other than food and energy have moved close to 2 percent.