Fed Focus:
Next FOMC Meeting: Tuesday-Wednesday, July 26 - 27, 2022
MY
FED CALL:
Benchmark Fed Funds
Target (Range): Fed
Funds
Target (Range) INCREASED to 2.00%
- 2.25%.
Economic Assessment: Risks to
the Attainment of Sustainable Economic Growth:
“Risk to Growth”.
Risks Assessment: Risks to the
Goal of Price Stability: “Risk of Increasing Inflationary Pressures”.
Monthly Pace of Fed's QE3: Ended
at the October 28-29, 2014 Meeting.
June 14 - 15, 2022 Meeting
Overall economic activity appears to have picked up after edging down in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low.
Inflation remains elevated, reflecting supply and demand imbalances
related to the pandemic, higher energy prices, and broader price
pressures.
The invasion of Ukraine by Russia is causing
tremendous human and economic hardship. The invasion and related events
are creating additional upward pressure on inflation and are weighing on global
economic activity. In addition, COVID-related lockdowns in China are
likely to exacerbate supply chain disruptions. The Committee is highly
attentive to inflation risks.
The Committee seeks to
achieve maximum employment and inflation at the rate of 2 percent over
the longer run. In support of these goals, the Committee decided to
raise the target range for the federal funds rate to 1-1/2 to 1-3/4 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue
reducing its holdings of Treasury securities and agency debt and agency
mortgage-backed securities, as described in the Plans for Reducing the
Size of the Federal Reserve’s Balance Sheet that were issued in May. 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
public health, 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; Michelle W. Bowman; Lael Brainard; James Bullard; Lisa D. Cook; Patrick Harker; Philip N. Jefferson; Loretta J. Mester; and Christopher J. Waller.
Voting against this action was Esther L. George, who preferred at this meeting to raise the target range for the federal funds rate by 0.5 percentage point to 1-1/4 percent to 1-1/2 percent. Patrick Harker voted as an alternate member at this meeting.
May 3 - 4, 2022 Meeting
Although overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong. Job gains have been robust
in recent months, and the unemployment rate has declined substantially.
Inflation remains elevated, reflecting supply and demand imbalances
related to the pandemic, higher energy prices, and broader price
pressures.
The invasion of Ukraine by Russia is causing
tremendous human and economic hardship. The implications for the U.S.
economy are highly uncertain. The invasion and related events are creating additional upward pressure on inflation and are likely to weigh on economic activity. In
addition, COVID-related lockdowns in China are likely to exacerbate
supply chain disruptions. The Committee is highly attentive to
inflation risks.
The Committee seeks to achieve
maximum employment and inflation at the rate of 2 percent over the
longer run. With appropriate firming in the stance of monetary policy,
the Committee expects inflation to return to its 2 percent objective
and the labor market to remain strong. In support of these goals, the
Committee decided to raise the target range for the federal funds rate
to 3/4 to 1 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee decided to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities on
June 1, as described in the Plans for Reducing the Size of the Federal
Reserve’s Balance Sheet that were issued in conjunction with this
statement.
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 public health, 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; Michelle W. Bowman; Lael Brainard; James Bullard; Esther L. George; Patrick Harker; Loretta J. Mester; and Christopher J. Waller. Patrick Harker voted as an alternate member at this meeting.
March 15 - 16, 2022 Meeting
Indicators of economic activity and employment have continued to strengthen. Job gains have been strong in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures.
The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The implications for the U.S. economy are highly uncertain, but in the near term the invasion and related events are likely to create additional upward pressure on inflation and weigh on economic activity.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With
appropriate firming in the stance of monetary policy, the Committee
expects inflation to return to its 2 percent objective and the labor
market to remain strong. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at a coming meeting.
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 public health, 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; Michelle W. Bowman; Lael Brainard; Esther L. George; Patrick Harker; Loretta J. Mester; and Christopher J. Waller.
Voting against this action was James Bullard, who preferred at this meeting to raise the target range for the federal funds rate by 0.5 percentage point to 1/2 to 3/4 percent. Patrick Harker voted as an alternate member at this meeting.
January 25 - 26, 2022 Meeting
Indicators of
economic activity and employment have continued to strengthen. The
sectors most adversely affected by the pandemic have improved in recent
months but are being affected by the recent sharp rise in COVID-19 cases.
Job gains have been solid in recent months, and the unemployment rate
has declined substantially. Supply and demand imbalances related to the
pandemic and the reopening of the economy have continued to contribute
to elevated levels of inflation. Overall financial conditions remain
accommodative, in part reflecting policy measures to support the
economy and the flow of credit to U.S. households and businesses.
The
path of the economy continues to depend on the course of the virus.
Progress on vaccinations and an easing of supply constraints are
expected to support continued gains in economic activity and employment
as well as a reduction in inflation. Risks to the economic outlook
remain, including from new variants of the virus.
The
Committee seeks to achieve maximum employment and inflation at the rate
of 2 percent over the longer run. In support of these goals, the
Committee decided to keep the target range for the federal funds rate
at 0 to 1/4 percent. With inflation 2 percent well aboveand a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate. The Committee decided to continue to reduce the monthly pace of its net asset purchases, bringing them to an end in early March. Beginning in February, the Committee will increase its holdings of Treasury securities by at least $20 billion per month and of agency mortgage‑backed securities by at least $10
billion per month. The Federal Reserve’s ongoing purchases and holdings
of securities will continue to foster smooth market functioning and
accommodative financial conditions, thereby supporting the flow of
credit to households and businesses.
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
public health, 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; Michelle W. Bowman; Lael Brainard; James Bullard; Esther L. George; Patrick Harker; Loretta J. Mester; and Christopher J. Waller. Patrick Harker voted as an alternate member at this meeting.
Current voting members of the (2022) FOMC: Jerome H. Powell, Chairman (FRBOG); John C. Williams, Vice Chairman (FRBOG & FRBP-NY); Michelle W. Bowman (FRBOG); Lael Brainard (FRBOG); Christopher J. Waller (FRBOG); James Bullard (FRBP-St. Louis); Esther L. George (FRBP-Kansas City); and Loretta J. Mester (FRBP-Cleveland). (Currently three vacancies on the FRBOG.)
Alternate non-voting members of the (2022) FOMC: Naureen Hassan, First Vice President (FRB-NY); Meredith Black (Interim President) (FRBP-Dallas); Charles L. Evans (FRBP-Chicago); Patrick Harker (FRBP-Philadelphia); and Neel Kashkari (FRBP-Minneapolis)
(FRBOG)=
The President of the New York Federal Reserve Bank serves in a dual
capacity (also a member of the FRBOG);
(FRBOG) = Member of the Federal Reserve Board of Governors;
(FRBP) =
Federal Reserve (District) Bank President
The Federal Reserve is
committed to using its full range of tools to support the U.S. economy
in this challenging time, thereby promoting its maximum employment and
price stability goals.
With progress on vaccinations and
strong policy support, indicators of economic activity and employment
have continued to strengthen. The sectors most adversely affected by
the pandemic have improved in recent months but COVID-19. continue to be affected byJob gains have been solid in recent months, and the unemployment rate has declined substantially. Supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation.
Overall financial conditions remain accommodative, in part reflecting
policy measures to support the economy and the flow of credit to U.S.
households and businesses.
The path of the economy
continues to depend on the course of the virus. Progress on
vaccinations and an easing of supply constraints are expected to
support continued gains in economic activity and employment as well as
a reduction in inflation. Risks to the economic outlook remain, including from new variants of the virus.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent. With inflation having exceeded 2 percent for some time, the Committee
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. In light of inflation developments and the further improvement in the labor market, the Committee decided to reduce the monthly pace of its net asset purchases by $20 billion for Treasury securities and $10 billion for agency mortgage-backed securities. Beginning in January,
the Committee will increase its holdings of Treasury securities by at
least $40 billion per month and of agency mortgage‑backed securities by
at least $20
billion per month. The Committee judges that similar reductions in the
pace of net asset purchases will likely be appropriate each month, but
it is prepared to adjust the pace of purchases if warranted by changes
in the economic outlook. The Federal Reserve’s ongoing purchases and
holdings of securities will continue to foster smooth market
functioning and accommodative financial conditions, thereby supporting
the flow of credit to households and businesses.
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
public health, 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; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller.
November 2 - 3, 2021 Meeting
The Federal Reserve is committed
to using its full range of tools to support the U.S. economy in this
challenging time, thereby promoting its maximum employment and price
stability goals.
With progress on vaccinations and strong
policy support, indicators of economic activity and employment have
continued to strengthen. The sectors most adversely affected by the
pandemic have improved in recent months, but the summer’s rise in COVID-19 cases has slowed their recovery. Inflation is elevated, largely reflecting factors that are expected to be transitory. Supply
and demand imbalances related to the pandemic and the reopening of the
economy have contributed to sizable price increases in some sectors.
Overall financial conditions remain accommodative, in part reflecting
policy measures to support the economy and the flow of credit to U.S.
households and businesses.
The path of the economy continues to depend on the course of the virus. Progress on vaccinations and
an easing of supply constraints are expected to support continued gains
in economic activity and employment as well as a reduction in inflation. Risks to the economic outlook remain.
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. The Committee expects
to maintain an accommodative stance of monetary policy until these
outcomes are achieved. 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. In light of the substantial further progress the economy has made toward the Committee’s goals since last December, the Committee decided
to begin reducing the monthly pace of its net asset purchases by $10
billion for Treasury securities and $5 billion for agency
mortgage-backed securities. Beginning later this month, the Committee
will increase its holdings of Treasury securities by at least $70 billion per month and of agency mortgage-backed securities by at least $35 billion per month. Beginning
in December, the Committee will increase its holdings of Treasury
securities by at least $60 billion per month and of agency
mortgage-backed securities by at least $30 billion per month. The
Committee judges that similar reductions in the pace of net asset purchases will
likely be appropriate each month, but it is prepared to adjust the pace
of purchases if warranted by changes in the economic outlook. The
Federal Reserve’s ongoing purchases and holdings of securities will
continue to foster smooth market functioning and accommodative
financial conditions, thereby supporting the flow of credit to
households and businesses.
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 public health, 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; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller.
September 21 - 22, 2021 Meeting
The Federal Reserve is
committed to using its full range of tools to support the U.S. economy
in this challenging time, thereby promoting its maximum employment and
price stability goals.
With progress on vaccinations and
strong policy support, indicators of economic activity and employment
have continued to strengthen. The sectors most adversely affected by
the pandemic have improved in recent months, but the rise in COVID-19 cases has slowed their recovery. Inflation is elevated,
largely reflecting transitory factors. Overall financial conditions
remain accommodative, in part reflecting policy measures to support the
economy and the flow of credit to U.S. households and businesses.
The
path of the economy continues to depend on the course of the virus.
Progress on vaccinations will likely continue to reduce the effects of
the public health crisis on the economy, but risks to the economic
outlook remain.
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.
The Committee expects to maintain an accommodative stance of monetary
policy until these outcomes are achieved. 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. Last December, the Committee indicated that it would 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 its maximum employment and price stability goals. Since then,
the economy has made progress toward these goals. If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted.
These asset purchases help foster smooth market functioning and
accommodative financial conditions, thereby supporting the flow of
credit to households and businesses.
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
public health, 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; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller.
July 27 - 28, 2021 Meeting
The Federal Reserve is committed to
using its full range of tools to support the U.S. economy in this
challenging time, thereby promoting its maximum employment and price
stability goals.
With
progress on vaccinations and strong policy support, indicators of
economic activity and employment have continued
to strengthen. The sectors most adversely affected by the
pandemic have shown improvement but
have not fully recovered.
Inflation has risen, largely reflecting transitory factors. Overall
financial conditions remain accommodative, in part reflecting policy
measures to support the economy and the flow of credit to U.S.
households and businesses.
The path of the economy continues
to
depend on the course of the virus. Progress on vaccinations will likely
continue to reduce the effects of the public health crisis on the
economy, but risks to the economic outlook remain.
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. The Committee
expects to maintain an accommodative stance of monetary policy until
these outcomes are achieved. 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. Last
December, the Committee indicated that it would
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 its
maximum employment and price stability goals. Since
then, the economy has made progress toward these goals, and the
Committee will continue to assess progress in coming meetings.
These asset purchases help foster smooth market functioning and
accommodative financial conditions, thereby supporting the flow of
credit to households and businesses.
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
public health, 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; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller.
June 15 - 16, 2021 Meeting
The Federal Reserve is committed to
using its full range of tools to support the U.S. economy in this
challenging time, thereby promoting its maximum employment and price
stability goals.
Progress
on vaccinations has reduced the spread of COVID-19 in the United States.
Amid this
progress and strong policy support, indicators of economic activity and
employment have strengthened. The sectors most adversely affected by
the pandemic remain weak but have shown improvement. Inflation has
risen, largely reflecting transitory factors. Overall financial
conditions remain accommodative, in part reflecting policy measures to
support the economy and the flow of credit to U.S. households and
businesses.
The path of the economy will depend significantly on the
course of the virus. Progress on vaccinations will
likely continue to reduce the effects of the public health
crisis on the economy, but
risks to the economic outlook remain.
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.
The
Committee expects to maintain an accommodative stance of monetary
policy until these outcomes are achieved. 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. In addition, 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. These asset purchases
help foster smooth market functioning and accommodative financial
conditions, thereby supporting the flow of credit to households and
businesses.
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 public health, 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; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller.
April 27 - 28, 2021 Meeting
The Federal Reserve is committed
to using its full range of tools to support the U.S. economy in this
challenging time, thereby promoting its maximum employment and price
stability goals.
The COVID-19 pandemic is causing tremendous human and economic
hardship across the United States and around the world. Amid
progress on vaccinations and strong policy support,
indicators of economic activity and employment have strengthened.
The sectors most adversely affected by the pandemic remain weak but
have shown improvement. Inflation has
risen, largely reflecting transitory factors.
Overall financial conditions remain accommodative, in part reflecting
policy measures to support the economy and the flow of credit to U.S.
households and businesses.
The path of the economy will
depend significantly on the course of the virus, including progress on
vaccinations. The ongoing public health crisis continues to weigh on the
economy, and risks to the economic outlook remain.
The
Committee seeks to achieve maximum employment and inflation at the rate
of 2 percent over the longer run. With inflation running 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. The Committee expects to maintain an
accommodative stance of monetary policy until these outcomes are
achieved. 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. In addition, 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. These asset purchases help foster smooth market
functioning and accommodative financial conditions, thereby supporting
the flow of credit to households and businesses.
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
public health, 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; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller.
March 16 - 17, 2021 Meeting
The Federal Reserve is committed
to using its full range of tools to support the U.S. economy in this
challenging time, thereby promoting its maximum employment and price
stability goals.
The COVID-19 pandemic is causing tremendous human and economic
hardship across the United States and around the world. Following
a moderation in the pace of the recovery, indicators
of economic activity and employment have
turned up recently, although
the sectors most adversely affected by the pandemic remain
weak. Inflation
continues to run below 2 percent.
Overall financial conditions remain accommodative, in part reflecting
policy measures to support the economy and the flow of credit to U.S.
households and businesses.
The path of the economy will
depend significantly on the course of the virus, including progress on
vaccinations. The ongoing public health crisis continues to weigh on
economic activity, employment, and inflation, and poses considerable
risks to the economic outlook.
The Committee seeks to
achieve maximum employment and inflation at the rate of 2 percent over
the longer run. With inflation running 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. The Committee expects to maintain an accommodative stance of
monetary policy until these outcomes are achieved. 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. In addition, 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. These asset
purchases help foster smooth market functioning and accommodative
financial conditions, thereby supporting the flow of credit to
households and businesses.
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 public health, 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; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller.
January 26 - 27, 2021 Meeting
The Federal Reserve is committed
to using its full range of tools to support the U.S. economy in this
challenging time, thereby promoting its maximum employment and price
stability goals.
The COVID-19 pandemic is causing tremendous human and economic
hardship across the United States and around the world. The
pace of the recovery in economic activity and employment has
moderated in recent months, with weakness concentrated in the sectors
most adversely affected by the pandemic.
Weaker demand and earlier declines in oil prices have been holding down
consumer price inflation. Overall financial conditions remain
accommodative, in part reflecting policy measures to support the
economy and the flow of credit to U.S. households and businesses.
The path of the economy will depend significantly on the
course of the virus, including
progress on vaccinations.The ongoing public health crisis continues
to weigh on economic activity, employment, and inflation, and poses
considerable risks to the economic outlook.
The
Committee seeks to achieve maximum employment and inflation at the rate
of 2 percent over the longer run. With inflation running 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. The Committee expects to maintain an
accommodative stance of monetary policy until these outcomes are
achieved. 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’sassessments of
maximum employment and inflation has risen to 2 percent and is on track
to moderately exceed 2 percent for some time. In addition, 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. These asset purchaseshelp foster smooth market
functioning and accommodative financial conditions, thereby supporting
the flow of credit to households and businesses.
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’sassessments will
take into account a wide range of information, including readings on
public health, 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; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J.Waller.
Current voting members of the (2021) FOMC: Jerome H. Powell, Chairman (FRBOG); John C. Williams, Vice Chairman (FRBOG & FRBP-NY); Michelle W. Bowman (FRBOG); Lael Brainard (FRBOG); Richard H. Clarida (FRBOG); Randal K. Quarles (FRBOG); Christopher J. Waller (FRBOG); Thomas I. Barkin (FRBP-Richmond); Raphael W. Bostic (FRBP-Atlanta); Mary C. Daly (FRBP-San Francisco); and Charles L. Evans (FRBP-Chicago). (Currently one vacancy on the FRBOG.)
Alternate non-voting members of the (2021) FOMC: Helen E. Mucciolo, Acting First Vice President (FRB-NY); James Bullard (FRBP-St. Louis); Esther L. George (FRBP-Kansas City); Loretta J. Mester (FRBP-Cleveland); and Eric Rosengren (FRBP-Boston)
(FRBOG)=
The President of the New York Federal Reserve Bank serves in a dual
capacity (also a member of the FRBOG);
(FRBOG) = Member of the Federal Reserve Board of Governors;
(FRBP) =
Federal Reserve (District) Bank President
December 15 - 16, 2020 Meeting
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
The COVID-19 pandemic is causing
tremendous human and economic hardship across the United States and
around the world. Economic activity and employment have continued to
recover but remain well below their levels at the beginning of the
year. Weaker demand and earlier declines in oil prices have been
holding down consumer price inflation. Overall financial conditions
remain accommodative, in part reflecting policy measures to support the
economy and the flow of credit to U.S. households and businesses.
The
path of the economy will depend significantly on the course of the
virus. The ongoing public health crisis will continue to weigh on
economic activity, employment, and inflation in the near term, and
poses considerable risks to the economic outlook over the medium term.
The
Committee seeks to achieve maximum employment and inflation at the rate
of 2 percent over the longer run. With inflation running 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. The Committee expects to maintain an
accommodative stance of monetary policy until these outcomes are
achieved. 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. In addition, 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. These
asset purchases help foster
smooth market functioning and accommodative financial conditions,
thereby supporting the flow of credit to households and businesses.
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
public health, 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; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.
November 4 - 5, 2020 Meeting
The Federal Reserve is committed
to using its full range of tools to support the U.S. economy in this
challenging time, thereby promoting its maximum employment and price
stability goals.
The COVID-19 pandemic is causing
tremendous human and economic hardship across the United States and
around the world. Economic activity and employment have continued
to recover but remain well below their levels at the
beginning of the year. Weaker demand and earlier
declines in oil prices have
been holding down consumer price inflation. Overall
financial conditions remain
accommodative, in part reflecting policy measures to
support the economy and the flow of credit to U.S. households and
businesses.
The
path of the economy will depend significantly on the course of the
virus. The ongoing public health crisis will continue to weigh on
economic activity, employment, and inflation in the near term, and
poses considerable risks to the economic outlook over the medium term.
The
Committee seeks to achieve maximum employment and inflation at the rate
of 2 percent over the longer run. With inflation running 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. The Committee expects to maintain an
accommodative stance of monetary policy until these outcomes are
achieved. 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. In addition, over coming
months the Federal Reserve will increase its holdings of Treasury
securities and agency mortgage-backed securities at least at the
current pace to sustain smooth market functioning and help foster
accommodative financial conditions, thereby supporting the flow of
credit to households and businesses.
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
public health, 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; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Patrick Harker; Robert S. Kaplan; Loretta J. Mester; and Randal K. Quarles. Ms. Daly voted as an alternate member at this meeting.
September 15 - 16, 2020 Meeting
The Federal Reserve is
committed to using its full range of tools to support the U.S. economy
in this challenging time, thereby promoting its maximum employment and
price stability goals.
The COVID-19
pandemic
is causing tremendous human and economic hardship across the United
States and around the world. Economic activity and employment have
picked up in recent months but remain well below their levels at the
beginning of the year. Weaker demand and significantly lower oil prices
are holding down consumer price inflation. Overall financial conditions
have improved in recent months, in part reflecting policy measures to
support the economy and the flow of credit to U.S. households and
businesses.
The path of the economy will depend significantly on the
course of the virus. The ongoing public health crisis will continue
to
weigh on economic activity, employment, and inflation in the near term,
and poses considerable risks to the economic outlook over the medium
term.
The
Committee seeks to achieve maximum employment and inflation
at the rate of 2 percent over
the longer run. With
inflation running
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. The
Committee expects to maintain an accommodative stance of monetary
policy until these outcomes are achieved. 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. In addition, over coming months the Federal Reserve
will
increase its holdings of Treasury securities and agency mortgage-backed
securities at least at the current pace to sustain smooth market
functioning and
help foster accommodative financial conditions, thereby supporting
the flow of credit to households and businesses.
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 public health, 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; Michelle W. Bowman; Lael Brainard; Richard H.
Clarida; Patrick Harker; Loretta J. Mester; and Randal K. Quarles.
Voting against the actions were Robert S. Kaplan, who expects that it will be appropriate to maintain the current target range until the Committee is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals as articulated in its new policy strategy statement, but prefers that the Committee retain greater policy rate flexibility beyond that point; and Neel Kashkari, who prefers that the Committee to indicate that it expects to maintain the current target range until core inflation has reached 2 percent on a sustained basis.
July 28 - 29, 2020 Meeting
The Federal Reserve is committed to
using its full range of tools to support the U.S. economy in this
challenging time, thereby promoting its maximum employment and price
stability goals.
The coronavirus outbreak is causing tremendous human and
economic hardship across the United States and around the world.
Following sharp declines, economic activity and employment
have picked up somewhat in recent months but remain well below their
levels at the beginning of the year. Weaker demand and
significantly lower oil prices are holding down consumer price
inflation. Overall
financial conditions have improved in
recent months, in part reflecting policy measures to
support the economy and the flow of credit to U.S. households and
businesses.
The
path of the economy will depend significantly on the course of the virus.
The ongoing public health crisis will weigh heavily on economic
activity, employment, and inflation in the near term, and poses
considerable risks to the economic outlook over the medium term. In
light of these developments, the Committee decided to maintain the
target range for the federal funds rate at 0 to 1/4 percent. The
Committee expects to maintain this target range until it is confident
that the economy has weathered recent events and is on track to achieve
its maximum employment and price stability goals.
The
Committee will continue to monitor the implications of incoming
information for the economic outlook, including information related to
public health, as well as global developments and muted inflation
pressures, and will use its tools and act as appropriate to support the
economy. In determining the timing and size of future adjustments to
the stance of monetary policy, the Committee will assess realized and
expected economic conditions relative to its maximum employment
objective and its symmetric 2 percent inflation objective. This
assessment will take into account a wide range of information,
including measures of labor market conditions, indicators of inflation
pressures and inflation expectations, and readings on financial and
international developments.
To support the flow of credit
to households and businesses, over coming months the Federal Reserve
will increase its holdings of Treasury securities and agency
residential and commercial mortgage-backed securities at least at the
current pace to sustain smooth market functioning, thereby fostering
effective transmission of monetary policy to broader financial
conditions. In addition, the Open Market Desk will continue to offer
large-scale overnight and term repurchase agreement operations. The
Committee will closely monitor developments and is prepared to adjust
its plans as appropriate.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.
June 9 - 10, 2020 Meeting
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. The virus and the measures taken to protect public health have induced sharp declines in economic activity and a surge in job losses. Weaker demand and significantly lower oil prices are holding down consumer price inflation. Financial conditions have improved, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term. In light of these developments, the Committee decided to maintain the target range for the federal funds rate at 0 to 1/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.
The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy. In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.
To support the flow of credit to households and businesses, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace to sustain smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will closely monitor developments and is prepared to adjust its plans as appropriate.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.
April 28 - 29, 2020 Meeting
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. The virus and the measures taken to protect public health are inducing sharp declines in economic activity and a surge in job losses. Weaker demand and significantly lower oil prices are holding down consumer price inflation. The disruptions to economic activity here and abroad have significantly affected financial conditions and have impaired the flow of credit to U.S. households and businesses.
The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term. In light of these developments, the Committee decided to maintain the target range for the federal funds rate at 0 to 1/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.
The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy. In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.
To support the flow of credit to households and businesses, the Federal Reserve will continue to purchase Treasury securities and agency residential and commercial mortgage-backed securities in the amounts needed to support smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will closely monitor market conditions and is prepared to adjust its plans as appropriate.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.
Current voting members of the (2020) FOMC: Jerome H. Powell, Chairman (FRBOG); John C. Williams, Vice Chairman (FRBOG & FRBP-NY); Michelle W. Bowman (FRBOG); Lael Brainard (FRBOG); Richard H. Clarida (FRBOG); Randal K. Quarles (FRBOG); Patrick Harker (FRBP-Philadelphia); Robert S. Kaplan (FRBP-Dallas); Neel Kashkari (FRBP-Minneapolis); and Loretta J. Mester (FRBP-Cleveland). (Currently two vacancies on the FRBOG.)
Alternate non-voting members of the (2020) FOMC: Michael Strine, First Vice President (FRB-NY); Thomas I. Barkin (FRBP-Richmond); Raphael W. Bostic (FRBP-Atlanta); Mary C. Daly (FRBP-San Francisco); and Charles L. Evans (FRBP-Chicago)
(FRBOG)=
The President of the New York Federal Reserve Bank serves in a dual
capacity (also a member of the FRBOG);
(FRBOG) = Member of the Federal Reserve Board of Governors;
(FRBP) =
Federal Reserve (District) Bank President