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Text of July FOMC statement

Federal Reserve Chairwoman Janet Yellen and her colleagues are still thinking about the appropriate time to raise U.S. interest rates and September appears back on the table. They voted Wednesday to leave rates unchanged at already low levels.

Information received since the Federal Open Market Committee met in June indicates that the labor market strengthened and that economic activity has been expanding at a moderate rate. Job gains were strong in June following weak growth in May. On balance, payrolls and other labor market indicators point to some increase in labor utilization in recent months. Household spending has been growing strongly but business fixed investment has been soft. Inflation has continued to run below the Committee’s 2 percent longer-run objective, partly reflecting earlier declines in energy prices and in prices of non-energy imports. Market-based measures of inflation compensation remain low; most survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months. See statement.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee currently expects...


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