Summary:
- Recent indicators suggest that growth of economic activity continued to expand at a solid pace. (No Change)
- Job gains have slowed and the unemployment rate has moved up but remains low. (Change)
- Inflation has made further progress towards the 2 percent objective but remains somewhat elevated. (Change)
- The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance. (Change)
- The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective. (No Change)
- In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by ½ percentage point to 4-3/4 to 5 percent. (Change)
- In considering additional 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 its holdings of Treasury securities, agency debt, and agency mortgage-backed securities. (No Change)
- Voting is not unanimous with Michelle W. Bowman, who preferred to lower the target range for the federal funds rate by 1/4 percentage (Change)
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