Summary:
- References to COVID-19 and vaccine removed. (Change)
- Job gains have been strong. (Change)
- Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. (New)
- The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The implications for the U.S. economy are highly uncertain, but in the near term, the invasion and related events are likely to create additional upward pressure on inflation and weigh on economic activity. (New)
- Financial conditions remain accommodative, in part 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. (New)
- Raise the target range for the federal funds rate to 1/4 to 1/2 percent and anticipate that ongoing increases in the target range will be appropriate. (Change)
- With inflation well above 2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate. (Change)
- Expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at an upcoming meeting. (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’s goals. (No Change)
- Voting against this action was James Bullard, who preferred to raise the target range for the federal funds rate by 0.5 percentage point to 1/2 to 3/4 percent. (Change)
- Conduct overnight repurchase agreement operations with a minimum bid rate of 0.5 percent. (Change)
- Conduct overnight reverse repurchase agreement operations at an offering rate of 0.3 percent. (Change)
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