Full Text of the FOMC's Written Statement

Foreks - Following the two-day meeting of the Federal Open Market Committee (FOMC), the written statement is as follows: "Recent indicators suggest that economic activity continues to expand at a strong pace. Since the beginning of the year, labor market conditions have generally eased, and the unemployment rate has risen but remains low. Inflation is somewhat elevated, although it is making progress toward the Committee's target of 2%. The Committee aims to achieve maximum employment and 2% inflation over the long term. It assesses that the risks to achieving the employment and inflation goals are roughly balanced. The economic outlook is uncertain, and the Committee is mindful of the risks on both sides of its dual mandate. To support its objectives, the Committee has decided to lower the target range for the federal funds rate by 1/4 point to 4-1/2 to 4-3/4 percent. In considering future adjustments to the target range for the federal funds rate, the Committee will carefully evaluate incoming data, the evolving outlook, and the balance of risks. The Committee will continue to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities. The Committee is firmly committed to supporting maximum employment and returning inflation to the 2% target. In evaluating the appropriate stance of monetary policy, the Committee will continue to monitor the effects of incoming information on the economic outlook. The Committee will be prepared to adjust the stance of monetary policy as appropriate in response to the emergence of risks. In its evaluations, the Committee will consider a wide range of information, including labor market conditions, inflationary pressures, inflation expectations, and financial and international developments. The voting members for the monetary policy decision are: 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.