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Press Release

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July 26, 2023

Federal Reserve issues FOMC statement

For release at 2:00 p.m. EDT

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Recent indicators suggest that economic activity has been expanding
at a moderate pace. Job gains have been robust in recent months, and
the unemployment rate has remained low. Inflation remains elevated.

The U.S. banking system is sound and resilient. Tighter credit
conditions for households and businesses are likely to weigh on
economic activity, hiring, and inflation. The extent of these effects
remains uncertain. The Committee remains 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 5-1/4 to 5-1/2 percent. The Committee will continue to assess
additional information and its implications for monetary policy. In
determining the extent of additional policy firming that may be
appropriate to return inflation to 2 percent over time, the Committee
will take into account the cumulative tightening of monetary policy,
the lags with which monetary policy affects economic activity and
inflation, and economic and financial developments. In addition, the
Committee will continue reducing its holdings of Treasury securities
and agency debt and agency mortgage-backed securities, as described
in its previously announced plans. 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 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;
Lisa D. Cook; Austan D. Goolsbee; Patrick Harker; Philip N.
Jefferson; Neel Kashkari; Lorie K. Logan; and Christopher J. Waller.

For media inquiries, please email [email protected] or call
202-452-2955.

Implementation Note issued July 26, 2023

Last Update: July 26, 2023

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