For the past year and a half, the FOMC has been gradually increasing its target range for the federal funds rate. As the economy has continued to make progress toward our goals of maximum employment and price stability. Our decision today continues this process. We continue to expect that the ongoing strength of the economy will warrant gradual increases in the federal funds rate to sustain a healthy labor market and stabilize inflation around our 2% longer run objective.
Nonetheless, in light of the softer recent inflation readings, the committee is monitoring inflation developments closely.