U.S. Federal Open Market Committee Statement: Text2007-06-28 14:14 (New York)
June 28 (Bloomberg) -- The following is the full text of thestatement released today by the Federal Reserve:
The Federal Open Market Committee decided today to keep itstarget for the federal funds rate at 5 1/4 percent.
Economic growth appears to have been moderate during thefirst half of this year, despite the ongoing adjustment in thehousing sector. The economy seems likely to continue to expand ata moderate pace over coming quarters.
Readings on core inflation have improved modestly in recentmonths. However, a sustained moderation in inflation pressureshas yet to be convincingly demonstrated. Moreover, the high levelof resource utilization has the potential to sustain thosepressures.
In these circumstances, the Committee's predominant policyconcern remains the risk that inflation will fail to moderate asexpected. Future policy adjustments will depend on the evolutionof the outlook for both inflation and economic growth, as impliedby incoming information.
Voting for the FOMC monetary policy action were: Ben S.Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Thomas M.Hoenig; Donald L. Kohn; Randall S. Kroszner; Cathy E. Minehan;Frederic S. Mishkin; Michael H. Moskow; William Poole; and KevinM. Warsh.
--Washington newsroom +1-202-624-1820
Thursday, June 28, 2007
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