Fed funds target unchanged at 3.50-3.75%, as expectedVote was unanimousStatement says economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle EastProductivity growth and capital investment are strongJob gains have kept pace with the workforce, and the unemployment rate has changed littleInflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy The Committee will deliver price stability.The statement was very short compared to recent history.Nine officials now see a rate hike this year and five see two hikes. Eight project the Fed hold and Miran continues to see a cut but didn't dissent.The market is taking this as hawkish and the S&P 500 is quickly down 40 points, or 0.5%. US rates are up across the curve, led by the 2-year note yield up 9 bps to 4.14%.Ahead of the release, the market was pricing in 21 bps in hikes this year and that's now up to 34 bps. This article was written by Adam Button at investinglive.com.