July 31September 18,
2024

Federal
Reserve issues FOMC statement

For release at 2:00 p.m. EDT

Recent indicators suggest that economic activity has
continued to expand at a solid pace. Job gains have moderatedslowed,
and the unemployment rate has moved up but remains low. Inflation has eased
over the past year but remains somewhat elevated. In recent months, there has
been somemade further progress toward the
Committee’s 2 percent inflation 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 has
gained greater confidence that inflation is moving sustainably toward 2
percent, and judges that the risks to achieving its employment and
inflation goals continue to move into betterare
roughly in balance. The economic outlook is uncertain, and the
Committee is attentive to the risks to both sides of its dual mandate.

In supportlight
of its goalsthe progress on
inflation and the balance of risks, the Committee decided to maintainlower
the target range for the federal funds rate at 5-1/4by
1/2 percentage point to 4-3/4 to 5-1/2
percent. In considering anyadditional
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, theThe
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; Austan D. GoolsbeeBeth M. Hammack;
Philip N. Jefferson; Adriana D. Kugler; and Christopher J. Waller. Austan
D. Goolsbee voted as an alternate memberVoting 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.

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