Summary – Published November 11, 2021

  • With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The rise in COVID-19 cases has slowed recovery of the sectors most adversely affected. (Change)
  • Inflation is elevated, largely reflecting transitory factors. (No Change)
  • Supply and demand imbalances related to the pandemic and the reopening of the economy have contributed to sizable price increases in some sectors. (New)
  • Financial conditions have improved in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. (No Change)
  • The path of the economy continues to depend on the course of the virus. (No Change)
  • Progress on vaccinations will likely to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain. (No Change)
  • The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent. (No Change)
  • The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. (No Change)
  • The Committee decided to begin reducing the monthly pace of its net asset purchases by $10 billion for Treasury securities and $5 billion for agency mortgage-backed securities. Beginning later this month, the Committee will increase its holdings of Treasury securities by at least $70 billion per month and of agency mortgage backed securities by at least $35 billion per month. (Change)
  • Beginning in December, the Committee will increase its holdings of Treasury securities by at least $60 billion per month and of agency mortgage-backed securities by at least $30 billion per month. (Change)
  • The Committee judges that similar reductions in the pace of net asset purchases will likely be appropriate each month, but it is prepared to adjust the pace of purchases if warranted by changes in the economic outlook. The Federal Reserve’s ongoing purchases and holdings of securities will continue to foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. (New)
  • Voting for the action is unanimous. (No Change)

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