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Economic Activity and Monetary Policy Update

For release at 2:00 p.m. EDT July 26, 2023

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. However, inflation remains elevated.

Banking System and Credit Conditions

The U.S. banking system is sound and resilient. Nonetheless, 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.

Goals and Decisions

In pursuit of the Committee’s goals of achieving maximum employment and inflation at the rate of 2 percent over the longer run, the Committee has made the decision to raise the target range for the federal funds rate to 5-1/4 to 5-1/2 percent.

Monetary Policy Assessment

The Committee will continue to assess additional information and its implications for monetary policy. Additional policy firming may be deemed appropriate, considering the cumulative tightening of monetary policy, the time lag with which monetary policy affects economic activity and inflation, as well as economic and financial developments.

In addition to adjusting monetary policy, the Committee also plans to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities.

Commitment to Inflation Objective

The Committee reaffirms its strong commitment to returning inflation to its 2 percent objective. Assessing the appropriate stance of monetary policy requires monitoring incoming information for the economic outlook.

Flexibility and Impediments

The Committee is prepared to adjust the stance of monetary policy as necessary if risks emerge that could impede the attainment of its goals. An extensive range of factors will be considered in the Committee’s assessments including labor market conditions, inflation pressures and expectations, as well as financial and international developments.

Voting Members

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
  • Christopher J. Waller.

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