Federal Reserve issues FOMC statement

Federal Reserve issues FOMC statement

The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote: The Committee decided to raise the target range for the Official websites use .govA .gov website belongs to an official government organization in the United States. Secure .gov websites use HTTPSA lock (LockLocked padlock icon) or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites. The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. For release at 2:00 p.m. EDT Share The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote: The Committee decided to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate.

The Committee is continuing its policy of maintaining ample reserves in the banking system. Economic activity is expanding at a solid pace. While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated. Today's policy action will support a timelier return to