Full text of the statement from the Federal Open Market Committee meeting on September 16

The full text of the Federal Open Market Committee (FOMC) policy statement released by the Federal Reserve is as follows: The Federal Open Market Committee, by a vote of 12-0, approved the following statement, in which the Committee decided to raise the target range for the federal funds rate by 25 basis points to 3.75%–4% to support the Federal Reserve’s dual mandate. The Committee continues its policy of maintaining ample reserves in the banking system. Economic activity is expanding at a solid pace. Domestic spending has been resilient, although uncertainty remains high, partly due to geopolitical developments. Productivity growth has been robust, and capital investment has been strong. Job growth has been in line with the labor force, and the unemployment rate has been little changed. Inflation remains high. Today’s policy action will support a more timely return to the Committee’s 2 percent objective. The Committee will achieve price stability.