Summary:

  • Modest growth in spending and production have softened. (No change)
  • Job gains have been robust in recent months, and the unemployment rate has remained low. (No Change)
  • Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. (No Change)
  • Russia’s war against Ukraine is causing tremendous human and economic hardship.  The implications for the U.S. economy are highly uncertain. The invasion and related events are creating additional upward pressure on inflation and are likely weighing on economic activity. (No Change)
  • The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
  • The Committee is strongly committed to returning inflation to its 2 percent objective. (No Change)
  • Raise the target range for the federal funds rate from 3 3/4 to 4 percent and anticipate that ongoing increases in the target range will be appropriate. (Change)
  • Attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the pace 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. (New)
  • Continue reducing 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. (No Change)
  • 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 is unanimous. (No Change)

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