For reference: Here was the December FOMC statement

I always find it’s useful to re-read the prior Fed statement before a new one is issued. The update will come at 2 pm ET.

Recent indicators suggest that economic activity has continued to
expand at a solid pace. Since earlier in the year, labor market
conditions have generally eased, and the unemployment rate has moved up
but remains low. Inflation has made progress toward the Committee’s 2
percent objective but remains somewhat elevated.

The Committee seeks to achieve maximum employment and inflation at
the rate of 2 percent over the longer run. The Committee judges that the
risks to achieving its employment and inflation goals are roughly in
balance. The economic outlook is uncertain, and the Committee is
attentive to the risks to both sides of its dual mandate.

In support of its goals, the Committee decided to lower the target
range for the federal funds rate by 1/4 percentage point to 4-1/4 to
4-1/2 percent. In considering the extent and timing of additional
adjustments to the target range for the federal funds rate, the
Committee will carefully assess incoming data, the evolving outlook, and
the balance of risks. The Committee will continue reducing its holdings
of Treasury securities and agency debt and agency mortgage‑backed
securities. The Committee is strongly committed to supporting maximum
employment and returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee
will continue to monitor the implications of incoming information for
the economic outlook. The Committee would be prepared to adjust the
stance of monetary policy as appropriate if risks emerge that could
impede the attainment of the Committee’s goals. The Committee’s
assessments will take into account a wide range of information,
including readings on labor market conditions, inflation pressures and
inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair;
John C. Williams, Vice Chair; Thomas I. Barkin; Michael S. Barr; Raphael
W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Philip N.
Jefferson; Adriana D. Kugler; and Christopher J. Waller. Voting against
the action was Beth M. Hammack, who preferred to maintain the target
range for the federal funds rate at 4-1/2 to 4-3/4 percent.

This article was written by Adam Button at www.forexlive.com.