The Federal Open Market Committee voted 12‑0 to keep the target federal funds rate unchanged in the 3.50‑3.75% range. The statement noted that despite heightened uncertainty, partly from Middle‑East conflicts, U.S. economic activity continues to grow at a moderate pace, with strong productivity and corporate investment. Employment growth has kept pace with labor‑force expansion and the unemployment rate is stable, but inflation remains above the Fed’s 2% goal, driven in part by supply‑side shocks and higher energy prices. The Fed reaffirmed its commitment to restoring price stability and left the interest on reserves, primary credit, overnight repo and reverse repo rates unchanged.