More from the FOMC statement: the FOMC adjusted its outlook lower
More from the FOMC statement: the FOMC adjusted its outlook lower to support its dovish stance on rates, compared to where it was in January. The Fed noted growth in the economy had slowed since the that meeting (in January the Fed said "economic activity has been rising at a solid rate"), though the labor market remained strong. Also, it added "Recent indicators point to slower growth of household spending and business fixed investment in the first quarter. On a 12-month basis, overall inflation has declined, largely as a result of lower energy prices; inflation for items other than food and energy remains near 2%." And it said "In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes." The vote was a unanimous 10-0. Read the FOMC statement.