Summary

  • Economic activity and employment have picked up somewhat but remain well below their levels at the beginning of the year. (Change)
  • Weaker demand and significantly lower oil prices are holding down consumer price inflation. (No Change)
  • Financial conditions have improved in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. (No Changed)
  • The path of the economy will depend significantly on the course of the virus. (New)
  • Maintains the target range for the federal funds rate at 0 to 1/4 percent. (No Change)
  • Expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. (No Change)
  • In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. (No Change)
  • The Federal Reserve will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace to sustain smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions. (No Change)
  • The Committee will closely monitor developments and is prepared to adjust its plans as appropriate. (No Change)
  • The voting was unanimous. (No Change)

Here is the complete language change from June to July press releases.