At the Conclusion of Its Meeting on January 30, 2013

Essay

At the conclusion of its meeting on January 30, 2013, the Federal Open Market Committee released a statement that included the following sentence: "The committee will maintain the target range for the federal funds rate at 0 to ¼ percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate as long as the unemployment rate remains above 6½ percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee's 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored." What is the significance of this statement?