Summary:
- Net exports continue to affect the data, recent indicators suggest that growth of economic activity moderated in the first half of the year (Change)
- The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. (No Change)
- Inflation remains somewhat elevated. (No Change)
- The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
- Uncertainty around the economic outlook remains elevated. (Change)
- In support of its goals, the Committee decided to maintain the target range for the federal funds at 4-1/4 to 4-1/2 percent. (No 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. (No Change)
- Continue reducing its holdings of Treasury securities, agency debt, and agency mortgage-backed securities. (No Change)
- The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. (No Change)
- Michelle W. Bowman and Christopher J. Waller, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting. Absent and not voting was Adriana D. Kugler. (Change)
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