According to ChainCatcher, the Federal Reserve's policy statement stated that there has been "slight further progress" toward the inflation target of 2% (the May 1 statement stated "lack of progress"); it is expected that it will be inappropriate to cut interest rates before there is greater confidence that inflation can sustainably move towards 2%; the economy continues to expand steadily, job growth remains strong, and the unemployment rate remains low; and the Fed will continue to reduce its holdings of Treasury bonds and mortgage-backed securities (MBS).