Summary – Published September 22, 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 has risen, largely reflecting transitory factors. (No Change)
  • 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 keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. (No Change)
  • the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee’s maximum employment and price stability goals (No Change)
  • If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted.  (New)
  • 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 for the action is unanimous. (No Change)

Click here for the full comparison.