FOMC Press Conference May 1, 2024

Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been a lack of further progress toward the Committee's 2 percent inflation objective. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals have moved toward better balance over the past year. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. Beginning in June, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion. The Committee will maintain the monthly redemption cap on agency debt and agency mortgage‑backed securities at $35 billion and will reinvest any principal payments in excess of this cap into Treasury securities. 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 e post: FOMC STATEMENT COMPARE pic.twitter.com/eNQfsvqMI8 post: FED VOTE IN FAVOR OF POLICY WAS UNANIMOUS. post: *FED HOLDS BENCHMARK RATE IN 5.25%-5.5% TARGET RANGE *FED: LACK OF FURTHER PROGRESS TOWARD 2% GOAL IN RECENT MONTHS post: THE FED DOES NOT EXPECT IT WILL BE APPROPRIATE TO CUT RATES UNTIL IT HAS GAINED GREATER CONFIDENCE INFLATION IS MOVING SUSTAINABLY TOWARD 2%.

post: Fed’s Powell: Economy Has Made Considerable Progress Toward Dual Goals post: Fed’s Powell: Inflation Eased Substantially Over Past Year but Still Too High Fed’s Powell: Inflation Still Too High Further Progress Not Assured post: POWELL: WE ARE HIGHLY ATTENTIVE TO INFLATION RISKS post: FED'S POWELL: THE LABOR MARKET REMAINS RELATIVELY TIGHT. post: *POWELL: INFLATION HAS SHOWN A LACK OF FURTHER PROGRESS *POWELL: LABOR MARKET STILL RELATIVELY TIGHT BUT BETTER BALANCE

post: Powell: Inflation Data Received This Year Have Been Higher Than Expected Powell: Longer Term Inflation Expectations Remain Well Anchored Though post: POWELL: FED OFFICIALS ARE 'ACUTELY AWARE' OF HARDSHIPS POSED BY HIGH INFLATION post: Powell: We Don’t Expect It Will Be Appropriate to Cut Rates Until We Have Greater Confience Inflation Going Back to 2% post: Powell: Reducing Policy Too Soon or Too Much or Too Late or Too Little Both Have Risks post: FED'S POWELL: WE WILL MAKE DECISIONS MEETING BY MEETING.

post: POWELL: GAINING CONFIDENCE TO CUT WILL TAKE LONGER THAN THOUGHT post: FED'S POWELL: SLOWING THE PACE OF RUNOFF WILL ENSURE A SMOOTH TRANSITION FOR MONEY MARKETS post: FED'S POWELL: TOTAL PORTFOLIO RUNOFF WILL BE ABOUT $40 BILLION PER MONTH. post: FED'S POWELL: I DO THINK POLICY IS RESTRICTIVE AND IS WEIGHING ON DEMAND. post: FED'S POWELL: I SAW EVIDENCE OF THAT TODAY IN THE JOLTS REPORT.