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20 March 2024

Federal Reserve releases FOMC statement

For release at 2:00 PM EDT

Recent indicators show that economic activity is growing at a solid pace. Job gains remain strong, and the unemployment rate remains low. Inflation has declined in the past year but remains high.

The committee wants to achieve maximum employment and inflation at 2 percent in the long run. The Committee believes that the risks to achieving its employment and inflation targets are moving towards a better balance. The economic outlook remains 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. When considering any adjustment to the target range for the federal funds rate, the Committee will carefully assess the incoming data, the emerging outlook, and the balance of risks. The Committee does not expect that it would be appropriate to lower the target range until it is confident that inflation is moving steadily toward 2 percent. In addition, the Committee will continue to reduce its holdings of Treasury securities and agency loans and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent target.

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 will be prepared to adjust the monetary policy stance as appropriate if risks emerge that could hinder the achievement of the Committee’s objectives. The Committee’s assessments will take into account a wide range of information, including labor market conditions, inflation pressures and inflation expectations, and readings on financial and international developments.

Voting for monetary policy action was Chairman Jerome H. Powell; John C. Williams, vice president; Thomas I. Barkin; Michael S. Burr; Rafael W. Bostic; Michelle W Bowman; Lisa D. Cook; Mary C. Daly; Philip N. Jefferson; Adriana D. Kugler; Loretta J. Meister; And Christopher J. Waller.

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Implementation Note issued on March 20, 2024

Last updated: March 20, 2024