Current target range for the federal funds rate remains appropriate. The Committee Also updated the federal funds rate indicating that the Committee Judges are beginning to normalize the stance of the Monetary Policy. This new language does not represent a change in the policy intentions and it is fully consistent with our previous guidance which stated that it will likely be appropriate to maintain the current target reach for the federal funds rate for a considerable time after for the purchase program. But with that program having ended in october and the economy continuing to make progress towards our objectives the committee judged that some modifications are appropriate at this time. I will have more to say about the policy decisions in a moment but first let me review recent economic developments in the outlook. In the labor market, progress continues towards the objective of maximum employment. The pace of job growth has been strong recently with gains averaging nearly 280,000
Advantage, but we want to make sure we are targeting the impact on the russian economy in a way that does not have dramatic spillover effects into the broader economy. You cannot eliminate that but we can make sure the focal point is russia, and we have been able to do that. The president does intend to sign the peace legislation passed by congress, but we have concerns about that legislation because while it preserves flexibility, it does send a confusing message to our allies because it includes some sanctions language that does not reflect the consultations ongoing. Consultations that we have had that allowed the successful implantation of strategy have allowed us to have, and private conversations with our european allies, about their strategies and their steps forward. There are other areas of our strategy that we prefer not to have. Preserves because it the president s flexibility to carry out the strategy, he intends to sign the bill. I would anticipate it would get done before
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