Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, on average, and the unemployment rate has been little changed in recent months. Inflation is elevated, in part reflecting the recent increase in global energy prices. The FOMC seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook. The FOMC is attentive to the risks to both sides of its dual mandate. In support of its goals, the FOMC decided to maintain the target range for the federal funds rate at 3 1/2 to 3 3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the FOMC will carefully assess incoming data, the evolving outlook, and the balance of risks. The FOMC is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the FOMC will continue to monitor the implications of incoming information for the economic outlook. The FOMC would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the FOMC’s goals. The FOMC’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Philadelphia Fed President and CEO Anna Paulson participated in a fireside chat at the Federal Reserve Board's "Strengthening America's Economy Through Rural Investment: A Working Forum," where she joined Federal Reserve Governor Michael S. Barr and Federal Reserve Bank Presidents Tom Barkin and Susan M. Collins for a discussion on the landscape of rural economies and models for strengthening the flow of capital in rural regions.