The labor market has continued to strengthen and that economic activity has been expanding at a moderate pace since mid-year. Job gains have been solid in recent months and the unemployment rate has declined n view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1/2 to 3/4 percent.
In labor economics hysteresis refers to the possibility that periods of high unemployment tend to increase the rate-of-unemployment-below-which-inflation-begins-to-accelerate, commonly referred to as the natural rate of unemployment or non-accelerating inflation rate of unemployment