2:20 PM EDT

As expected, the Federal Reserve's monetary policy committee decided to leave interest rates alone today, noting that "moderation in economic growth appears to be continuing, partly reflecting a cooling of the housing market." But, as was the case in previous meeting statements, today's said that "some inflation risks remain" and that "The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information." FED STATEMENT