September 18November 07,
2024
Federal
Reserve issues FOMC statement
For release at 2:00 p.m. EST
Recent indicators suggest that economic activity has
continued to expand at a solid pace. Job gainsSince
earlier in the year, labor market conditions have slowedgenerally
eased, and the unemployment rate has moved up but remains low.
Inflation has made further progress toward the
Committee’s 2 percent objective but remains somewhat elevated.
The Committee seeks to achieve maximum employment and
inflation at the rate of 2 percent over the longer run. The Committee hasThe Committee judges that the risks to
gained greater confidence that inflation is moving sustainably toward 2
percent, and
achieving its employment and inflation goals are roughly in balance. The
economic outlook is uncertain, and the Committee is attentive to the risks to
both sides of its dual mandate.
In lightsupport
of the progress on inflation and the balance of risksits
goals, the Committee decided to lower the target range for the
federal funds rate by 1/24
percentage point to 4-1/2 to 4-3/4 to 5 percent.
In considering additional 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 will continue reducing its holdings of
Treasury securities and agency debt and agency mortgage‑backed securities. The
Committee is strongly committed to supporting maximum employment and 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; Beth M. Hammack; Philip N. Jefferson; Adriana D. Kugler; and
Christopher J. Waller. Voting against this action was Michelle W. Bowman,
who preferred to lower the target range for the federal funds rate by 1/4
percentage point at this meeting.