On 30 July 2014, the Board of Governors of the Federal Reserve System (“Federal Reserve Board”) issued a statement from the June meeting of the Federal Open Market Committee (“FOMC”). The FOMC statement indicated growth in economic activity in the second quarter along with improvement in labor market conditions. In addition, the FOMC reaffirmed its view that an accommodative stance of monetary policy remained appropriate and will continue to assess how long to maintain the current 0 to ¼ percent target range for the federal funds rate.

The full FOMC statement is available at:

http://www.ny.frb.org/markets/opolicy/operating_policy_140730.html.