Full text of Fed statement: Fed reiterates that it

The Fed kept the target range for the federal funds rate unchanged at 5.25%-5.5%. The following is the original text of this policy statement:

Recent indicators suggest economic activity has been expanding steadily. Job growth remains strong and the unemployment rate remains low. Inflation has eased over the past year but remains high.

The Committee seeks maximum employment and 2% inflation over the long term. The Committee believes that risks to achieving the employment and inflation objectives are becoming better balanced. The economic outlook is uncertain, and the Committee remains highly concerned about inflation risks.

To support these goals, the Committee decided to maintain the target range for the federal funds rate at 5.25%-5.5%. In considering any changes to the target range for the federal funds rate, the Committee will carefully evaluate future data, the evolving outlook, and the balance of risks. The Committee believes that it would be inappropriate to lower the target range until there is greater confidence that inflation will continue to move towards 2%. Additionally, the Committee will continue to reduce its holdings of Treasury securities, agency debt, and agency mortgage-backed securities, as described in its previously announced plan. The Committee remains firmly committed to returning inflation to its 2% objective.

The Committee will continue to monitor the impact of new information on the economic outlook as it evaluates the appropriate stance of monetary policy. The Committee will be prepared to adjust the stance of monetary policy as appropriate if risks arise that could impede achievement of the Committee's objectives. The Committee's assessment will consider a wide range of information, including labor market conditions, inflationary pressures, inflation expectations, and financial and international developments.

Voting in favor of monetary policy action were: FOMC Chairman Jerome Powell; FOMC Vice Chairman Williams; Richmond Fed President Barkin; Fed Governor Barr; Fed Governor Bowman; Fed Governor Lisa Cook; Atlanta Fed President Bostic; San Francisco Fed President Daley; Fed Vice Chairman Jefferson; Cleveland Fed President Mester; Fed Governor Coogler; Fed Governor Waller.

Article forwarded from: Golden Ten Data

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