The committee also said it is continuing its policy of maintaining ample reserves in the banking system, in support of the Federal Reserve’s dual mandate.
The Federal Open Market Committee said it kept the federal funds target range at 3.5 to 3.75 per cent and will maintain ample reserves.
The 9-3 vote leaves the US policy-rate backdrop unchanged for textile, apparel and retail supply-chain firms tracking financing conditions.
The committee cited solid activity, strong productivity and capital investment, but said inflation remains elevated.
The statement was approved for release by a 9-3 vote, the Federal Reserve said in its July 29 statement.
The FOMC said economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. It also said productivity growth and capital investment are strong, job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated relative to the committee’s 2 per cent goal, partly reflecting supply shocks that have driven price increases in certain sectors, including energy, according to the FOMC. The committee said it will deliver price stability.
Fibre2Fashion News Desk