Summary:
- Job gains have been robust in recent months, and the unemployment rate has remained low. (No Change)
- Inflation remains elevated. (No Change)
- The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely and to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. (No Change)
- The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
- Raise the target range for the federal funds rate from 5 to 5 1/4 percent and anticipate that ongoing increases in the target range will be appropriate. (Change)
- The Committee will closely monitor incoming information and assess the implications for monetary policy in determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time. (Change)
- In determining the extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. (No Change)
- Continue reducing holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in previously announced plans. (No Change)
- Voting is unanimous. (No Change)
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