WASHINGTON – The Federal Reserve Open Market Committee decided yesterday to keep its target for the federal funds rate at 5.25 percent, as it has since August.
“Recent indicators have been mixed and the adjustment in the housing sector is ongoing,” the FOMC said in a statement late yesterday afternoon.
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“Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters. … The Committee’s predominant policy concern remains the risk that inflation will fail to moderate as expected.”
The March 21 action was supported by 10 of the FOMC’s 11 members, including Chairman Ben S. Bernanke.
The FOMC is the policymaking arm of the Federal Reserve System. Additional information, including the full FOMC statement, is available at www.federalreserve.gov.
