ChainCatcher news, the Federal Reserve's policy statement indicates "slight further progress" towards the 2% inflation target (previously stated as "lack of progress" in the May 1 statement); it is inappropriate to cut interest rates before having greater confidence in the sustainability of inflation moving towards 2%; the economy continues to expand steadily, job growth remains strong, and the unemployment rate stays low; it will continue to reduce its holdings of government bonds and mortgage-backed securities (MBS).