The Federal Open Market Committee (FOMC) of the Federal Reserve (Fed) stated in a statement that "inflation has reached the Committee's target of 2 percent but remains somewhat elevated. Recent indicators point to a solid pace of economic expansion. The labor market has strengthened somewhat further since early this year, with the unemployment rate rising but remaining low. The Committee's longer-run goals are to maintain maximum employment and inflation at the rate of 2 percent over the longer run. We judge that the risks to our employment and inflation objectives are roughly balanced. The economic outlook is uncertain, and the Committee is monitoring several risks." The Fed today implemented a baby cut, lowering its benchmark interest rate by 0.25%.