January 27, 2010

FOMC Statement

The FOMC voted to maintain the target federal funds rate at zero to 1/4 percent, stating that although economic activity continues to strengthen and deterioration in the labor market is easing, subdued inflation trends and stable inflation expectations are likely to warrant exceptionally low levels of the rate for an extended period.

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The Federal Reserve Bank of Richmond is one of 12 District Reserve Banks that together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Richmond Fed serves the Fifth Federal Reserve District, which encompasses the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.

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