Fed Stays the Course

The Federal Open Market Committee said Wednesday that it believes inflation pressure will moderate going forward, but some risks of higher prices remain.

The statement from the policymaking arm of the Federal Reserve came as it left the target fed funds rate at 5.25%, unchanged for the fifth straight meeting. Rates haven't been altered since last June, and the vote was unanimous.

"Recent indicators have suggested somewhat firmer economic growth, and some tentative signs of stabilization have appeared in the housing market," the FOMC said. "Overall, the economy seems likely to expand at a moderate pace over coming quarters." ...