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Press Release

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September 21, 2022

Federal Reserve issues FOMC statement

For release at 2:00 p.m. EDT

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Recent indicators point to modest growth in spending and production.
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 3 to 3-1/4 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.

Implementation Note issued September 21, 2022

Last Update: September 21, 2022

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