Summary:
- Modest growth in spending and production. (change)
- Job gains have been robust in recent months, and the unemployment rate has remained low. (No Change)
- Inflation remains has eased somewhat but remains elevated. (Change)
- Russia’s war against Ukraine is causing tremendous human and economic hardship and contributing to elevated global uncertainty. (Change)
- The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
- Raise the target range for the federal funds rate from 4 1/2 to 4 3/4 percent and anticipate that ongoing increases in the target range will be appropriate. (Change)
- The Committee is strongly committed to returning inflation to its 2 percent objective. (No Change)
- In determining the extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. (Changing of word from “pace” to “extent” suggests it is more about how long rather than how fast the future hikes will be.)
- Continue reducing holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in previously announced plans. (No Change)
- Voting is unanimous. (No Change)
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