CONCLUDED Fed Cuts Rates by a Quarter Point, as Expected, and Sees 2 More Cuts This Year Read the FOMC Statement Recent indicators suggest that growth of economic activity moderated in the first half of the year. Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. ...