- Economic activity edging down but household spending and business fixed investment remain strong. (No Change)
- Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. (No Change)
- The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The invasion and related events are creating additional upward pressure on inflation and are weighing on global economic activity. (No Change)
- COVID-related lockdowns in China are likely to exacerbate supply chain disruptions.
- The Committee is highly attentive to inflation risks. (No Change)
- Financial conditions remain accommodative, in part by reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. (Removed)
- The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
- With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong. (Removed). The Committee is strongly committed to returning inflation to its 2 percent objective (New)
- Raise the target range for the federal funds rate 1-1/2 to 1-3/4 percent and anticipate that ongoing increases in the target range will be appropriate. (Change)
- Will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in May. (New)
- In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. 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 goals. (No Change)
- Voting is unanimous except for Esther L. George, who preferred at this meeting to raise the target range for the federal funds rate by 0.5 percentage points from 1-1/4 percent to 1-1/2 percent. (Change)
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