Recent indicators suggest that economic activity has continued to expand at a solid pace.
The unemployment rate has stabilized at a low level in recent months, and labor market
conditions remain solid. Inflation remains somewhat elevated.
The Committee seeks to achieve maximum employment and inflation at the rate of
2 percent over the longer run. The Committee judges that the risks to achieving its employment
and inflation goals are roughly in balance. The economic outlook is uncertain, and the
Committee is attentive to the risks to both sides of its dual mandate.
In support of its goals, the Committee decided to maintain the target range for the federal
funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of 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. The Committee will continue
reducing its holdings of Treasury securities and agency debt and agency mortgageâbacked
securities. The Committee is strongly committed to supporting maximum employment and
returning inflation to its 2 percent objective.
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 Committeeâs goals. The Committeeâs assessments will take
into account a wide range of information, including readings on labor market conditions,
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inflation pressures and inflation expectations, and financial and international developments.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams,
Vice Chair; Michael S. Barr; Michelle W. Bowman; Susan M. Collins; Lisa D. Cook; Austan D.
Goolsbee; Philip N. Jefferson; Adriana D. Kugler; Alberto G. Musalem; Jeffrey R. Schmid; and
Christopher J. Waller.
