June 12July 31,
2024
Federal Reserve issues FOMC statement
For release at 2:00 p.m. EDT
Recent indicators suggest that economic activity has
continued to expand at a solid pace. Job gains have remained strongmoderated,
and the unemployment rate has remainedmoved
up but remains low. Inflation has eased over the past year but
remains somewhat elevated. In recent months,
there has been modestsome
further progress toward the Committee’s 2 percent inflation objective.
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 have
moved towardcontinue to move into better balance
over the past year.. The
economic outlook is uncertain, and the Committee remains highlyis
attentive to inflationthe
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 5-1/4 to 5-1/2 percent. In
considering any 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 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. In addition, the Committee will
continue reducing its holdings of Treasury securities and agency debt and
agency mortgage‑backed securities. The Committee is strongly committed to
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 Committee’s goals. The Committee’s assessments will take into account a
wide range of information, including readings on labor market conditions,
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; Thomas I. Barkin; Michael S. Barr; Raphael
W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Austan D.
Goolsbee; Philip N. Jefferson; Adriana D. Kugler; Loretta
J. Mester; and Christopher J. Waller. Austan D.
Goolsbee voted as an alternate member at this meeting.
From WSJs Timiraos:
This article was written by Greg Michalowski at www.forexlive.com. Source