The Federal Open Market Committee did not offer new monetary stimulus even the economic recovery had lost momentum this year. The FOMC described the economy as having "decelerated somewhat," a change of tone from its previous assessment in June when it said the economy had been "expanding moderately” and reiterated its disappointment with the slow pace of progress in bringing down the nation's 8.2% unemployment rate.
The central bank confirmed its benchmark rate at 0% - 0.25% and that it will maintain its zero-interest rate policy at least until the end of 2014. The Fed nevertheless showed it was prepared to do more to support an ailing economy. "The Committee will closely monitor incoming information on economic and financial developments and will provide additional accommodation as needed.” The next FOMC meeting is scheduled for 13 September, including a press conference and new economic forecasts.