“Economic activity has continued to expand at a solid pace,” the central bank’s rate-setting Federal Open Market Committee said at the end of a two-day policy meeting in which officials lowered the ...

The personal consumption expenditures index, which tracks spending on many everyday household needs, shows stubbornly high prices, even as the Fed's overall rate edges back to its 2 percent target.

While prices for most goods have been falling throughout the year, inflation for a wide range of services remains high.