Summary:
- Recent indicators suggest that growth of economic activity continued to expand at a solid pace. (No Change)
- Job gains have slowed and the unemployment rate has moved up but remains low. (No Change)
- Inflation has made progress towards the 2 percent objective but remains somewhat elevated. (No Change)
- The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance. (Change)
- The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
- In support of its goals, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/4 to 4-1/2 percent. (Change)
- In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. (Change)
- Continue reducing its holdings of Treasury securities, agency debt, and agency mortgage-backed securities. (No Change)
- Voting is not unanimous with Beth M. Hammack, who preferred to maintain the target range for the federal funds rate at 4-1/2 to 4-3/4 percent. (Change)
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