Monetary policy guided by dual mandate of maximum employment and stable prices.

Committee decided to maintain federal funds rate at 3.5-3.75%.

Since September, lowered policy rate 75bps, bringing it within range of plausible estimates of neutral.

Normalization of policy stance should help stabilize labor market while allowing inflation to resume downward trend toward 2%.

Well positioned to determine extent and timing of additional adjustments based on incoming data, evolving outlook, and balance of risks.

Monetary policy is not on a preset course, decisions will be made meeting-by-meeting.