who got this to you first?
"The Federal Open Market Committee decided today to keep its target for the
federal funds rate at 2 percent. Recent information indicates that overall
economic activity continues to expand, partly reflecting some firming in
household spending. However, labor markets have softened further and financial
markets remain under considerable stress. Tight credit conditions, the ongoing
housing contraction, and the rise in energy prices are likely to weigh on
economic growth over the next few quarters. The Committee expects inflation to
moderate later this year and next year. However, in light of the continued
increases in the prices of energy and some other commodities and the elevated
state of some indicators of inflation expectations, uncertainty about the
inflation outlook remains high. The substantial easing of monetary policy to
date, combined with ongoing measures to foster market liquidity, should help to
promote moderate growth over time. Although downside risks to growth remain,
they appear to have diminished somewhat, and the upside risks to inflation and
inflation expectations have increased."