Experiential Wealth

FOMC May 1, 2024, Press Release – What has changed?

May 1, 2024 | Central Bank, FOMC, Individuals, Institutions


  • Recent indicators suggest that growth of economic activity continued to expand at a solid pace. (No Change)
  • Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. (No Change)
  • Inflation has eased over the past year but remains elevated. (No Change)
  • In recent months, there has been a lack of further progress toward the Committee’s 2 percent inflation objective. (New)
  • The risks to achieving its employment and inflation goals have moved toward better balance over the past year. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. (No Change)
  • The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
  • To maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any 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)
  • Does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. (No Change)
  • Continue reducing holdings of Treasury securities, agency debt, and agency mortgage-backed securities, as described in previously announced plans. (No Change)
  • Beginning in June, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion. The Committee will maintain the monthly redemption cap on agency debt and agency mortgage‑backed securities at $35 billion and will reinvest any principal payments in excess of this cap into Treasury securities. (New)
  • Voting is unanimous. (No Change)

Click here for the full press release.