(AURN News) — The Federal Reserve kept its key interest rate unchanged this week as officials noted the U.S. economy remains strong while inflation has moved closer to the central bank's target. But there is still a long way to go in hitting the 2 percent target.

“Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people. We see the risks to achieving our employment and inflation goals as being roughly in balance, and we are attentive to the risks on both sides of our mandate,” Fed Chair Jerome Powell said on Wednesday.

“We remain committed to supporting maximum employment, bringing inflation sustainably to our 2 percent goal, and keeping longer-run inflation expectations well anchored. Our success in delivering on these goals matters to all Americans. We understand that our actions affect communities, families, and businesses across the country. Everything we do is in service to our public mission,” Powell said.

He also mentioned that the labor market continues to show stability, with monthly payroll gains averaging 170,000 over the past three months. The unemployment rate held at 4.1 percent in December, which Powell characterized as low.

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