2022-08-01 10:20:00
U.S. FEDERAL FUNDS RATE 2.25 - 2.5%
U.S. FRB - July 27, 2022 - Recent indicators of spending and production have softened. Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.
Russia's war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May. 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 public health, 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; Michael S. Barr; Michelle W. Bowman; Lael Brainard; James Bullard; Susan M. Collins; Lisa D. Cook; Esther L. George; Philip N. Jefferson; Loretta J. Mester; and Christopher J. Waller.
-----
Earlier:
2022, July, 11, 13:10:00
U.S. EMPLOYMENT UP BY 372,000
Total nonfarm payroll employment rose by 372,000 in June, and the unemployment rate remained at 3.6 percent, the U.S. Bureau of Labor Statistics reported
2022, June, 27, 11:30:00
U.S. RECESSION 2022 - 23
Based on the median projection for the policy rate published at the June FOMC meeting, we expect the U.S. economy will slow in 2022-23 but narrowly avoid a recession.
2022, June, 16, 12:20:00
U.S. FEDERAL FUNDS RATE 1.5 - 1.75%
The Committee decided to raise the target range for the federal funds rate to 1‑1/2 to 1-3/4 percent and anticipates that ongoing increases in the target range will be appropriate.
2022, June, 6, 12:40:00
U.S. EMPLOYMENT UP BY 390,000
Total nonfarm payroll employment rose by 390,000 in May, and the unemployment rate remained at 3.6 percent, the U.S. Bureau of Labor Statistics reported
2022, May, 12, 13:30:00
U.S. EMPLOYMENT UP BY 428,000
Total nonfarm payroll employment increased by 428,000 in April, and the unemployment rate was unchanged at 3.6 percent, the U.S. Bureau of Labor Statistics reported
2022, May, 5, 14:30:00
U.S. FEDERAL FUNDS RATE 0.75 - 1%
In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3/4 to 1 percent and anticipates that ongoing increases in the target range will be appropriate.
2022, May, 4, 11:55:00
U.S. ENERGY INFRASTRUCTURE INVESTMENTS $3 BLN
The U.S. Department of Energy (DOE) announced $3.1 billion in funding from President Biden’s Bipartisan Infrastructure Law to make more batteries and components in America, bolster domestic supply chains, create good-paying jobs, and help lower costs for families.
