“The committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes,” it said.
The Fed policymakers reiterated that inflation was not a significant concern, saying it was running “somewhat below” the FOMC’s 2 percent objective and they expected it to stay at or below that level over the medium term.
“When the committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2.0 percent,” the FOMC said.
Kansas City Federal Reserve President Esther George was the sole FOMC dissenter for the third meeting in a row, citing concerns that the high level of stimulus raised the risks of inflation and financial imbalances.
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