The FOMC statement said it would maintain the target range for the federal funds rate at 3-3/4 to 4 percent..Citing a strong pace of economic expansion, productivity and capital investment -- along with a stable employment market -- the Fed also acknowledged uncertainty and persistently elevated inflation. It said it would accumulate more information to inform its ongoing efforts to restore price stability and return inflation to the Fed's 2 percent goal.The hold on rates was largely expected. As recently as yesterday, at the ABA's annual convention in Salt Lake City, Utah, Beth Ann Bovino, chair of ABA's Economic Committee, said she didn't expect the Fed to raise rates today -- although she said she does foresee later increases. Two Fed officials on the 12-person committee voted to raise rates now; the other 10 voted to hold.
