The U.S. Federal Reserve today said inflation remains its primary concern, but it also referred to the risks of slower economic growth.

The U.S. Federal Open Market Committee, as widely expected, decided today to keep its target for the federal funds rate at 5.25%.

“Downside risks to growth have increased somewhat,” the Fed said in a statement, though inflation remains the “predominant” concern. Previously, it had not referred to downside growth risks.

“Fiancial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing,” the Fed added in new language to its statement.

Still, while inflation has improved “modestly,” the Fed repeated that a “sustained moderation” hasn’t been “convincingly demonstrated.”

The Fed repeated its forecast for “moderate” economic growth in the months ahead.