The Federal Reserve left its federal funds rate unchanged in the 1.5%–1.75% range in a unanimous vote. The central bank affirmed that the labor market has remained strong on average. Furthermore, inflation has already approached the 2% target; however, market-reported inflation measures remain low, and inflation expectations based on surveys remain stable. It is worth noting that the Fed no longer sees an acceleration in economic growth due to a moderation in key indicators of economic activity in the first months of the year. Likewise, the Fed failed to meet investors' expectations of a fourth rate increase in 2018.
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