Federal Open Market Committee (FOMC) released its latest monetary policy decisions on Wednesday afternoon, following the July meeting. As widely expected, the U.S. regulator did not make any changes to the policy stance, maintaining the target range for the federal funds rate at between 1.00 percent and 1.25 percent. While policy did not change, the FOMC changed the language on its plans on balance-sheet normalization. Instead of saying that it would start shrinking its balance sheet "this year" it said it would begin this process "relatively soon." Regarding the Fed's view on inflation, the FOMC members noted that inflation was expected to remain somewhat below the Fed's 2 percent target in the near term but to stabilize around this level over the medium term. "Near-term risks to the economic outlook appear roughly balanced, but the Committee is monitoring inflation developments closely," said the Fed statement.