Press Release
☷Federal Reserve issues FOMC statement
Federal Reserve System ( By Press Release office)
Feb 01,2024
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Recent indicators show that the economy has been growing steadily . While job gains have slowed down , they are still strong and the unemployment rate remains low . Inflation has gone down in the past year but is still high . The Committee aims to achieve maximum employment and a 2 percent inflation rate in the long term . They believe that the risks to achieving these goals are becoming more balanced . The economic outlook is uncertain , so the Committee is closely monitoring inflation risks . To support their goals , the Committee has decided to keep the federal funds rate target range at 5 - 1/4 to 5 - 1/2 percent . They will assess incoming data and the overall outlook before making any adjustments to the target range . The Committee does not expect to lower the target range until they are more confident that inflation is moving towards 2 percent sustainably . They will also continue reducing their holdings of Treasury securities and agency debt and mortgage - backed securities . The Committee is committed to bringing inflation back to their 2 percent objective . They will continue to monitor economic information to determine the appropriate stance of monetary policy . If any risks arise that could hinder the Committee ' s goals , they will be prepared to make adjustments to monetary policy . Their assessments will consider a wide range of factors including labor market conditions , inflation pressures , financial and international developments . The monetary policy action was voted on by 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; Philip N . Jefferson; Adriana D . Kugler; Loretta J . Mester; and Christopher J . Waller . For media inquiries , please email [email protected] or call 202 - 452 - 2955 . Implementation Note issued January 31 , 2024 .
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