The Federal Reserve indicated 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." To address these uncertainties, the Fed cut its benchmark interest rate by 0.25%.