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The Federal Reserve has opted to hit the pause button on its rate setting activity.

The central bank’s policymaking Federal Open Market Committee voted unanimously to maintain the target range for the federal funds rate at 5.25% to 5.5%. While claiming recent indicators pointed to economic activity that is “expanding at a solid pace,” the Fed nonetheless acknowledged that inflation “remains elevated” while “tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation.”

The Fed added that it “will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities” while pursuing the goal of 2% inflation. However, it warned that it “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.”