The FOMC statement from March 20, 2024:
Recent indicators suggest that economic activity has been expanding
at a solid pace. Job gains have remained strong, and the unemployment
rate has remained low. Inflation has eased over the past year but
remains elevated.
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 are moving into
better balance. The economic outlook is uncertain, and the Committee
remains highly attentive to inflation risks.
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, as
described in its previously announced plans. 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; Philip N.
Jefferson; Adriana D. Kugler; Loretta J. Mester; and Christopher J.
Waller.
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- Source: https://www.forexlive.com/centralbank/for-reference-here-is-the-march-20-fomc-statement-20240501/
