Breaking News

US Department of Labor launches awareness effort for miners with black lung, promote testing to reduce exposures to hazardous levels of coal dust CBP Seizes Vehicle Smuggled from Mexico into Puerto Rico FEMA Offers Free Repair and Rebuilding Advice at Local Stores Unemployment Insurance Weekly Claims Report Agents Encounter and Seize Cloned Border Patrol Vehicle Attempting Illegal Entry USAID Announces Expansion in the Pacific Region and Reaffirms Commitment to Bolster Resilience in the Pacific Islands at the 2022 U.S.-Pacific Island Country Summit | Press Release Governor Abbott Deploys Additional Resources To Florida To Assist Hurricane Ian Response Efforts | Office of the Texas Governor Flag Officer Assignments > U.S. Department of Defense > Release



Please enable JavaScript if it is disabled in your browser or access the information through the links provided below.



September 21, 2022

Federal Reserve issues FOMC statement

For release at 2:00 p.m. EDT

Recent indicators point to modest growth in spending and production. 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 food and energy prices, and broader price pressures.

Russia’s war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. 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 3 to 3-1/4 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; Michael S. Barr; Michelle W. Bowman; Lael Brainard; James Bullard; Susan M. Collins; Lisa D. Cook; Esther L. George; Philip N. Jefferson; Loretta J. Mester; and Christopher J. Waller.

Implementation Note issued September 21, 2022

Last Update:
September 21, 2022

Source link