FOMC holds rates steady, notes high economic uncertainty

The U.S. Federal Open Market Committee (FOMC) has held its benchmark interest rate steady, the first time it has done so since July of last year. In its accompanying statement, the committee noted that U.S. economic activity is expanding at a solid pace. While inflation remains somewhat elevated, the unemployment rate is showing signs of stabilizing, the FOMC said. The committee also removed language from its previous statement regarding increased downside risks to employment. Looking ahead, the FOMC stated that uncertainty about the economic outlook remains high and that the size and timing of any future adjustments will depend on incoming data and the evolving economic forecast.