PRESS RELEASE ON FED CHAIRMAN JEROME POWELL'S INTEREST RATE DECISION (JUNE 12, 2024) - We remain focused on achieving our dual mission goals of maximum employment and stable prices for the benefit of the American people. - Our economy has made significant progress towards both goals in the last two years. - The labor market has become more balanced, with continued strong employment growth and a low unemployment rate. - Inflation has fallen significantly from its peak of 7% to 2.7%, but remains very high. - We are committed to returning inflation to our 2% target to support a strong economy that benefits everyone. - Today the FOMC decided to leave our policy interest rate unchanged and continue to reduce our securities holdings. - We maintain our restrictive stance in monetary policy in order to keep demand in line with supply and reduce inflationary pressures. - I will give more information about monetary policy after briefly reviewing economic developments.