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fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources April 30, 2014 For immediate release Share Information received since the Federal Open Market Committee met in March indicates that growth in economic activity has picked up recently, after having slowed sharply during the winter in part because of adverse weather conditions. Labor market indicators were mixed but on balance showed further improvement. The unemployment rate, however, remains elevated. Household spending appears to be rising more quickly. Business fixed investment edged down, while the recovery in the housing sector remained slow. Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace and labor market conditions will continue to improve gradually, moving toward those the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for the economy and the labor market as nearly balanced. The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, and it is monitoring inflation developments carefully for evidence that inflation will move back toward its objective over the medium term. The Committee currently judges that there is sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions. In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions since the inception of the current asset purchase program, the Committee decided to make a further measured reduction in the pace of its asset purchases. Beginning in May, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $20 billion per month rather than $25 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $25 billion per month rather than $30 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee's sizable and still-increasing holdings of longer-term securities should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative, which in turn should promote a stronger economic recovery and help to ensure that inflation, over time, is at the rate most consistent with the Committee's dual mandate. The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. If incoming information broadly supports the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective, the Committee will likely reduce the pace of asset purchases in further measured steps at future meetings. However, asset purchases are not on a preset course, and the Committee's decisions about their pace will remain contingent on the Committee's outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases. To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate. In determining how long to maintain the current 0 to 1/4 percent target range for the federal funds rate, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored. When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run. Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Richard W. Fisher; Narayana Kocherlakota; Sandra Pianalto; Charles I. Plosser; Jerome H. Powell; Jeremy C. Stein; and Daniel K. Tarullo. Statement Regarding Purchases of Treasury Securities and Agency Mortgage-Backed Securities Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

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fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources June 18, 2014 For immediate release Share Information received since the Federal Open Market Committee met in April indicates that growth in economic activity has rebounded in recent months. Labor market indicators generally showed further improvement. The unemployment rate, though lower, remains elevated. Household spending appears to be rising moderately and business fixed investment resumed its advance, while the recovery in the housing sector remained slow. Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace and labor market conditions will continue to improve gradually, moving toward those the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for the economy and the labor market as nearly balanced. The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, and it is monitoring inflation developments carefully for evidence that inflation will move back toward its objective over the medium term. The Committee currently judges that there is sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions. In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions since the inception of the current asset purchase program, the Committee decided to make a further measured reduction in the pace of its asset purchases. Beginning in July, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $15 billion per month rather than $20 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $20 billion per month rather than $25 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee's sizable and still-increasing holdings of longer-term securities should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative, which in turn should promote a stronger economic recovery and help to ensure that inflation, over time, is at the rate most consistent with the Committee's dual mandate. The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. If incoming information broadly supports the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective, the Committee will likely reduce the pace of asset purchases in further measured steps at future meetings. However, asset purchases are not on a preset course, and the Committee's decisions about their pace will remain contingent on the Committee's outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases. To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate. In determining how long to maintain the current 0 to 1/4 percent target range for the federal funds rate, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored. When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run. Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Stanley Fischer; Richard W. Fisher; Narayana Kocherlakota; Loretta J. Mester; Charles I. Plosser; Jerome H. Powell; and Daniel K. Tarullo. Statement Regarding Purchases of Treasury Securities and Agency Mortgage-Backed Securities Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources July 30, 2014 For immediate release Share Information received since the Federal Open Market Committee met in June indicates that growth in economic activity rebounded in the second quarter. Labor market conditions improved, with the unemployment rate declining further. However, a range of labor market indicators suggests that there remains significant underutilization of labor resources. Household spending appears to be rising moderately and business fixed investment is advancing, while the recovery in the housing sector remains slow. Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation has moved somewhat closer to the Committee's longer-run objective. Longer-term inflation expectations have remained stable. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators and inflation moving toward levels the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced and judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat. The Committee currently judges that there is sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions. In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions since the inception of the current asset purchase program, the Committee decided to make a further measured reduction in the pace of its asset purchases. Beginning in August, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $10 billion per month rather than $15 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $15 billion per month rather than $20 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee's sizable and still-increasing holdings of longer-term securities should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative, which in turn should promote a stronger economic recovery and help to ensure that inflation, over time, is at the rate most consistent with the Committee's dual mandate. The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. If incoming information broadly supports the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective, the Committee will likely reduce the pace of asset purchases in further measured steps at future meetings. However, asset purchases are not on a preset course, and the Committee's decisions about their pace will remain contingent on the Committee's outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases. To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate. In determining how long to maintain the current 0 to 1/4 percent target range for the federal funds rate, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored. When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run. Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Stanley Fischer; Richard W. Fisher; Narayana Kocherlakota; Loretta J. Mester; Jerome H. Powell; and Daniel K. Tarullo. Voting against was Charles I. Plosser who objected to the guidance indicating that it likely will be appropriate to maintain the current target range for the federal funds rate for "a considerable time after the asset purchase program ends," because such language is time dependent and does not reflect the considerable economic progress that has been made toward the Committee's goals. Statement Regarding Purchases of Treasury Securities and Agency Mortgage-Backed Securities Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources September 17, 2014 For immediate release Share Information received since the Federal Open Market Committee met in July suggests that economic activity is expanding at a moderate pace. On balance, labor market conditions improved somewhat further; however, the unemployment rate is little changed and a range of labor market indicators suggests that there remains significant underutilization of labor resources. Household spending appears to be rising moderately and business fixed investment is advancing, while the recovery in the housing sector remains slow. Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation has been running below the Committee's longer-run objective. Longer-term inflation expectations have remained stable. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators and inflation moving toward levels the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced and judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat since early this year. The Committee currently judges that there is sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions. In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions since the inception of the current asset purchase program, the Committee decided to make a further measured reduction in the pace of its asset purchases. Beginning in October, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $5 billion per month rather than $10 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $10 billion per month rather than $15 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee's sizable and still-increasing holdings of longer-term securities should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative, which in turn should promote a stronger economic recovery and help to ensure that inflation, over time, is at the rate most consistent with the Committee's dual mandate. The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. If incoming information broadly supports the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective, the Committee will end its current program of asset purchases at its next meeting. However, asset purchases are not on a preset course, and the Committee's decisions about their pace will remain contingent on the Committee's outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases. To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate. In determining how long to maintain the current 0 to 1/4 percent target range for the federal funds rate, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored. When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run. Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Stanley Fischer; Narayana Kocherlakota; Loretta J. Mester; Jerome H. Powell; and Daniel K. Tarullo. Voting against the action were Richard W. Fisher and Charles I. Plosser. President Fisher believed that the continued strengthening of the real economy, improved outlook for labor utilization and for general price stability, and continued signs of financial market excess, will likely warrant an earlier reduction in monetary accommodation than is suggested by the Committee's stated forward guidance. President Plosser objected to the guidance indicating that it likely will be appropriate to maintain the current target range for the federal funds rate for "a considerable time after the asset purchase program ends," because such language is time dependent and does not reflect the considerable economic progress that has been made toward the Committee's goals. Statement Regarding Purchases of Treasury Securities and Agency Mortgage-Backed Securities Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources October 29, 2014 For immediate release Share Information received since the Federal Open Market Committee met in September suggests that economic activity is expanding at a moderate pace. Labor market conditions improved somewhat further, with solid job gains and a lower unemployment rate. On balance, a range of labor market indicators suggests that underutilization of labor resources is gradually diminishing. Household spending is rising moderately and business fixed investment is advancing, while the recovery in the housing sector remains slow. Inflation has continued to run below the Committee's longer-run objective. Market-based measures of inflation compensation have declined somewhat; survey-based measures of longer-term inflation expectations have remained stable. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators and inflation moving toward levels the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced. Although inflation in the near term will likely be held down by lower energy prices and other factors, the Committee judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat since early this year. The Committee judges that there has been a substantial improvement in the outlook for the labor market since the inception of its current asset purchase program. Moreover, the Committee continues to see sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. Accordingly, the Committee decided to conclude its asset purchase program this month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions. To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. The Committee anticipates, based on its current assessment, that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program this month, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored. However, if incoming information indicates faster progress toward the Committee's employment and inflation objectives than the Committee now expects, then increases in the target range for the federal funds rate are likely to occur sooner than currently anticipated. Conversely, if progress proves slower than expected, then increases in the target range are likely to occur later than currently anticipated. When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run. Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Stanley Fischer; Richard W. Fisher; Loretta J. Mester; Charles I. Plosser; Jerome H. Powell; and Daniel K. Tarullo. Voting against the action was Narayana Kocherlakota, who believed that, in light of continued sluggishness in the inflation outlook and the recent slide in market-based measures of longer-term inflation expectations, the Committee should commit to keeping the current target range for the federal funds rate at least until the one-to-two-year ahead inflation outlook has returned to 2 percent and should continue the asset purchase program at its current level. Statement Regarding Purchases of Treasury Securities and Agency Mortgage-Backed Securities Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources December 17, 2014 For immediate release Share Information received since the Federal Open Market Committee met in October suggests that economic activity is expanding at a moderate pace. Labor market conditions improved further, with solid job gains and a lower unemployment rate. On balance, a range of labor market indicators suggests that underutilization of labor resources continues to diminish. Household spending is rising moderately and business fixed investment is advancing, while the recovery in the housing sector remains slow. Inflation has continued to run below the Committee's longer-run objective, partly reflecting declines in energy prices. Market-based measures of inflation compensation have declined somewhat further; survey-based measures of longer-term inflation expectations have remained stable. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators moving toward levels the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced. The Committee expects inflation to rise gradually toward 2 percent as the labor market improves further and the transitory effects of lower energy prices and other factors dissipate. The Committee continues to monitor inflation developments closely. To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy. The Committee sees this guidance as consistent with its previous statement that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program in October, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored. However, if incoming information indicates faster progress toward the Committee's employment and inflation objectives than the Committee now expects, then increases in the target range for the federal funds rate are likely to occur sooner than currently anticipated. Conversely, if progress proves slower than expected, then increases in the target range are likely to occur later than currently anticipated. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions. When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run. Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Stanley Fischer; Loretta J. Mester; Jerome H. Powell; and Daniel K. Tarullo. Voting against the action were Richard W. Fisher, who believed that, while the Committee should be patient in beginning to normalize monetary policy, improvement in the U.S. economic performance since October has moved forward, further than the majority of the Committee envisions, the date when it will likely be appropriate to increase the federal funds rate; Narayana Kocherlakota, who believed that the Committee's decision, in the context of ongoing low inflation and falling market-based measures of longer-term inflation expectations, created undue downside risk to the credibility of the 2 percent inflation target; and Charles I. Plosser, who believed that the statement should not stress the importance of the passage of time as a key element of its forward guidance and, given the improvement in economic conditions, should not emphasize the consistency of the current forward guidance with previous statements. Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources January 30, 2019 For release at 2:00 p.m. EST Share Information received since the Federal Open Market Committee met in December indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Job gains have been strong, on average, in recent months, and the unemployment rate has remained low. Household spending has continued to grow strongly, while growth of business fixed investment has moderated from its rapid pace earlier last year. On a 12-month basis, both overall inflation and inflation for items other than food and energy remain near 2 percent. Although market-based measures of inflation compensation have moved lower in recent months, survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective as the most likely outcomes. In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes. In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. Voting for the FOMC monetary policy action were: Jerome H. Powell, Chairman; John C. Williams, Vice Chairman; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren. Implementation Note issued January 30, 2019 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources March 20, 2019 For release at 2:00 p.m. EDT Share Information received since the Federal Open Market Committee met in January indicates that the labor market remains strong but that growth of economic activity has slowed from its solid rate in the fourth quarter. Payroll employment was little changed in February, but job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Recent indicators point to slower growth of household spending and business fixed investment in the first quarter. On a 12-month basis, overall inflation has declined, largely as a result of lower energy prices; inflation for items other than food and energy remains near 2 percent. On balance, market-based measures of inflation compensation have remained low in recent months, and survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective as the most likely outcomes. In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes. In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. Voting for the FOMC monetary policy action were: Jerome H. Powell, Chairman; John C. Williams, Vice Chairman; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren. Implementation Note issued March 20, 2019 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources May 01, 2019 For release at 2:00 p.m. EDT Share Information received since the Federal Open Market Committee met in March indicates that the labor market remains strong and that economic activity rose at a solid rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Growth of household spending and business fixed investment slowed in the first quarter. On a 12-month basis, overall inflation and inflation for items other than food and energy have declined and are running below 2 percent. On balance, market-based measures of inflation compensation have remained low in recent months, and survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective as the most likely outcomes. In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes. In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. Voting for the FOMC monetary policy action were: Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren. Implementation Note issued May 1, 2019 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources June 19, 2019 For release at 2:00 p.m. EDT Share Information received since the Federal Open Market Committee met in May indicates that the labor market remains strong and that economic activity is rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although growth of household spending appears to have picked up from earlier in the year, indicators of business fixed investment have been soft. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation have declined; survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective as the most likely outcomes, but uncertainties about this outlook have increased. In light of these uncertainties and muted inflation pressures, the Committee will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market and inflation near its symmetric 2 percent objective. In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren. Voting against the action was James Bullard, who preferred at this meeting to lower the target range for the federal funds rate by 25 basis points. Implementation Note issued June 19, 2019 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources July 31, 2019 For release at 2:00 p.m. EDT Share Information received since the Federal Open Market Committee met in June indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although growth of household spending has picked up from earlier in the year, growth of business fixed investment has been soft. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 2 to 2-1/4 percent. This action supports the Committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective are the most likely outcomes, but uncertainties about this outlook remain. As the Committee contemplates the future path of the target range for the federal funds rate, it will continue to monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market and inflation near its symmetric 2 percent objective. In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee will conclude the reduction of its aggregate securities holdings in the System Open Market Account in August, two months earlier than previously indicated. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; and Randal K. Quarles. Voting against the action were Esther L. George and Eric S. Rosengren, who preferred at this meeting to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. Implementation Note issued July 31, 2019 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources September 18, 2019 For release at 2:00 p.m. EDT Share Information received since the Federal Open Market Committee met in July indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a strong pace, business fixed investment and exports have weakened. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 1-3/4 to 2 percent. This action supports the Committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective are the most likely outcomes, but uncertainties about this outlook remain. As the Committee contemplates the future path of the target range for the federal funds rate, it will continue to monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market and inflation near its symmetric 2 percent objective. In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. Voting for the monetary policy action were Jerome H. Powell, Chair, John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Charles L. Evans; and Randal K. Quarles. Voting against the action were James Bullard, who preferred at this meeting to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent; and Esther L. George and Eric S. Rosengren, who preferred to maintain the target range at 2 percent to 2-1/4 percent. Implementation Note issued September 18, 2019 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources October 11, 2019 For release at 11:00 a.m. EDT Share Consistent with its January 2019 Statement Regarding Monetary Policy Implementation and Balance Sheet Normalization, the Committee reaffirms its intention to implement monetary policy in a regime in which an ample supply of reserves ensures that control over the level of the federal funds rate and other short-term interest rates is exercised primarily through the setting of the Federal Reserve's administered rates, and in which active management of the supply of reserves is not required. To ensure that the supply of reserves remains ample, the Committee approved by notation vote completed on October 11, 2019 the following steps: These actions are purely technical measures to support the effective implementation of the FOMC's monetary policy, and do not represent a change in the stance of monetary policy. The Committee will continue to monitor money market developments as it assesses the level of reserves most consistent with efficient and effective policy implementation. The Committee stands ready to adjust the details of these plans as necessary to foster efficient and effective implementation of monetary policy. In connection with these plans, the Federal Open Market Committee voted unanimously to authorize and direct the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive: "Effective October 15, 2019, the Federal Open Market Committee directs the Desk to undertake open market operations as necessary to maintain the federal funds rate in a target range of 1-3/4 to 2 percent. In light of recent and expected increases in the Federal Reserve's non-reserve liabilities, the Committee directs the Desk to purchase Treasury bills at least into the second quarter of next year to maintain over time ample reserve balances at or above the level that prevailed in early September 2019. The Committee also directs the Desk to conduct term and overnight repurchase agreement operations at least through January of next year to ensure that the supply of reserves remains ample even during periods of sharp increases in non-reserve liabilities, and to mitigate the risk of money market pressures that could adversely affect policy implementation. In addition, the Committee directs the Desk to conduct overnight reverse repurchase operations (and reverse repurchase operations with maturities of more than one day when necessary to accommodate weekend, holiday, or similar trading conventions) at an offering rate of 1.70 percent, in amounts limited only by the value of Treasury securities held outright in the System Open Market Account that are available for such operations and by a per-counterparty limit of $30 billion per day. The Committee directs the Desk to continue rolling over at auction all principal payments from the Federal Reserve's holdings of Treasury securities and to continue reinvesting all principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities received during each calendar month. Principal payments from agency debt and agency mortgage-backed securities up to $20 billion per month will continue to be reinvested in Treasury securities to roughly match the maturity composition of Treasury securities outstanding; principal payments in excess of $20 billion per month will continue to be reinvested in agency mortgage-backed securities. Small deviations from these amounts for operational reasons are acceptable. The Committee also directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency mortgage-backed securities transactions." More information about these plans may be found on the Federal Reserve Bank of New York's website. Statement Regarding Treasury Bill Purchases and Repurchase Operations FAQs: Repurchase Agreement Operations FAQs: Treasury Reserve Management and Reinvestment Purchases Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources October 30, 2019 For release at 2:00 p.m. EDT Share Information received since the Federal Open Market Committee met in September indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a strong pace, business fixed investment and exports remain weak. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent. This action supports the Committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective are the most likely outcomes, but uncertainties about this outlook remain. The Committee will continue to monitor the implications of incoming information for the economic outlook as it assesses the appropriate path of the target range for the federal funds rate. In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; and Randal K. Quarles. Voting against this action were: Esther L. George and Eric S. Rosengren, who preferred at this meeting to maintain the target range at 1-3/4 percent to 2 percent. Implementation Note issued October 30, 2019 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources December 11, 2019 For release at 2:00 p.m. EST Share Information received since the Federal Open Market Committee met in October indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a strong pace, business fixed investment and exports remain weak. On a 12‑month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee decided to maintain the target range for the federal funds rate at 1‑1/2 to 1-3/4 percent. The Committee judges that the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective. The Committee will continue to monitor the implications of incoming information for the economic outlook, including global developments and muted inflation pressures, as it assesses the appropriate path of the target range for the federal funds rate. In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren. Implementation Note issued December 11, 2019 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources January 29, 2020 For release at 2:00 p.m. EST Share Information received since the Federal Open Market Committee met in December indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a moderate pace, business fixed investment and exports remain weak. On a 12‑month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee decided to maintain the target range for the federal funds rate at 1‑1/2 to 1-3/4 percent. The Committee judges that the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation returning to the Committee's symmetric 2 percent objective. The Committee will continue to monitor the implications of incoming information for the economic outlook, including global developments and muted inflation pressures, as it assesses the appropriate path of the target range for the federal funds rate. In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles. Implementation Note issued January 29, 2020 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources March 03, 2020 For release at 10:00 a.m. EST Share The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1‑1/4 percent. The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles. For media inquiries, call 202-452-2955. Implementation Note issued March 3, 2020 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources March 15, 2020 For release at 5:00 p.m. EDT Share The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States. Global financial conditions have also been significantly affected. Available economic data show that the U.S. economy came into this challenging period on a strong footing. Information received since the Federal Open Market Committee met in January indicates that the labor market remained strong through February and economic activity rose at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending rose at a moderate pace, business fixed investment and exports remained weak. More recently, the energy sector has come under stress. On a 12‑month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation have declined; survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to lower the target range for the federal funds rate to 0 to 1/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. This action will help support economic activity, strong labor market conditions, and inflation returning to the Committee's symmetric 2 percent objective. The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy. In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals. To support the smooth functioning of markets for Treasury securities and agency mortgage-backed securities that are central to the flow of credit to households and businesses, over coming months the Committee will increase its holdings of Treasury securities by at least $500 billion and its holdings of agency mortgage-backed securities by at least $200 billion. The Committee will also reinvest all principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities. In addition, the Open Market Desk has recently expanded its overnight and term repurchase agreement operations. The Committee will continue to closely monitor market conditions and is prepared to adjust its plans as appropriate. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; and Randal K. Quarles. Voting against this action was Loretta J. Mester, who was fully supportive of all of the actions taken to promote the smooth functioning of markets and the flow of credit to households and businesses but preferred to reduce the target range for the federal funds rate to 1/2 to 3/4 percent at this meeting. In a related set of actions to support the credit needs of households and businesses, the Federal Reserve announced measures related to the discount window, intraday credit, bank capital and liquidity buffers, reserve requirements, and—in coordination with other central banks—the U.S. dollar liquidity swap line arrangements. More information can be found on the Federal Reserve Board's website. For media inquiries, call 202-452-2955. Implementation Note issued March 15, 2020 Federal Reserve actions to support the flow of credit to households and businesses Coordinated central bank action to enhance the provision of U.S. dollar liquidity Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources March 23, 2020 For release at 8:00 a.m. EDT Share The Federal Reserve is committed to use its full range of tools to support the U.S. economy in this challenging time and thereby promote its maximum employment and price stability goals. The Federal Open Market Committee is taking further actions to support the flow of credit to households and businesses by addressing strains in the markets for Treasury securities and agency mortgage-backed securities. The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions. The Committee will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will continue to closely monitor market conditions, and will assess the appropriate pace of its securities purchases at future meetings. Voting (by notation) for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles. In a related set of actions, the Federal Reserve announced additional measures to support the flow of credit to households and businesses. More information can be found on the Federal Reserve Board's website. In connection with these plans, the Committee voted unanimously to authorize and direct the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive: "Effective March 23, 2020, the Federal Open Market Committee directs the Desk to undertake open market operations as necessary to maintain the federal funds rate in a target range of 0 to 1/4 percent. The Committee directs the Desk to increase the System Open Market Account holdings of Treasury securities and agency mortgage-backed securities (MBS) in the amounts needed to support the smooth functioning of markets for Treasury securities and agency MBS. The Committee also directs the Desk to include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases. The Committee also directs the Desk to continue conducting term and overnight repurchase agreement operations to ensure that the supply of reserves remains ample and to support the smooth functioning of short-term U.S. dollar funding markets. In addition, the Committee directs the Desk to conduct overnight reverse repurchase operations (and reverse repurchase operations with maturities of more than one day when necessary to accommodate weekend, holiday, or similar trading conventions) at an offering rate of 0.00 percent, in amounts limited only by the value of Treasury securities held outright in the System Open Market Account that are available for such operations and by a per-counterparty limit of $30 billion per day. The Committee directs the Desk to continue rolling over at auction all principal payments from the Federal Reserve's holdings of Treasury securities and to reinvest all principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities received during each calendar month in agency mortgage-backed securities. Small deviations from these amounts for operational reasons are acceptable. The Committee also directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency mortgage-backed securities transactions." More information regarding open market operations and reinvestments may be found on the Federal Reserve Bank of New York's website. For media inquiries, call 202-452-2955. Federal Reserve announces extensive new measures to support the economy Statement Regarding Treasury Securities and Agency Mortgage-Backed Securities Operations Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources March 31, 2020 For release at 8:30 a.m. EDT Share The Federal Reserve on Tuesday announced the establishment of a temporary repurchase agreement facility for foreign and international monetary authorities (FIMA Repo Facility) to help support the smooth functioning of financial markets, including the U.S. Treasury market, and thus maintain the supply of credit to U.S. households and businesses. The FIMA Repo Facility will allow FIMA account holders, which consist of central banks and other international monetary authorities with accounts at the Federal Reserve Bank of New York, to enter into repurchase agreements with the Federal Reserve. In these transactions, FIMA account holders temporarily exchange their U.S. Treasury securities held with the Federal Reserve for U.S. dollars, which can then be made available to institutions in their jurisdictions. This facility should help support the smooth functioning of the U.S. Treasury market by providing an alternative temporary source of U.S. dollars other than sales of securities in the open market. It should also serve, along with the U.S. dollar liquidity swap lines the Federal Reserve has established with other central banks, to help ease strains in global U.S. dollar funding markets. The Federal Reserve provides U.S. dollar-denominated banking services to FIMA account holders in support of Federal Reserve objectives and in recognition of the U.S. dollar's predominant role as an international currency. The FIMA Repo Facility, which adds to the range of services the Federal Reserve provides, will be available beginning April 6 and will continue for at least 6 months. For media inquiries, call 202-452-2955. FIMA Repo Facility FAQs Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources April 29, 2020 For release at 2:00 p.m. EDT Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. The virus and the measures taken to protect public health are inducing sharp declines in economic activity and a surge in job losses. Weaker demand and significantly lower oil prices are holding down consumer price inflation. The disruptions to economic activity here and abroad have significantly affected financial conditions and have impaired the flow of credit to U.S. households and businesses. The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term. In light of these developments, the Committee decided to maintain the target range for the federal funds rate at 0 to 1/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy. In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. To support the flow of credit to households and businesses, the Federal Reserve will continue to purchase Treasury securities and agency residential and commercial mortgage-backed securities in the amounts needed to support smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will closely monitor market conditions and is prepared to adjust its plans as appropriate. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles. Implementation Note issued April 29, 2020 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources June 10, 2020 For release at 2:00 p.m. EDT Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. The virus and the measures taken to protect public health have induced sharp declines in economic activity and a surge in job losses. Weaker demand and significantly lower oil prices are holding down consumer price inflation. Financial conditions have improved, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term. In light of these developments, the Committee decided to maintain the target range for the federal funds rate at 0 to 1/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy. In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. To support the flow of credit to households and businesses, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace to sustain smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will closely monitor developments and is prepared to adjust its plans as appropriate. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles. Implementation Note issued June 10, 2020 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources July 29, 2020 For release at 2:00 p.m. EDT Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year. Weaker demand and significantly lower oil prices are holding down consumer price inflation. Overall financial conditions have improved in recent months, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term. In light of these developments, the Committee decided to maintain the target range for the federal funds rate at 0 to 1/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy. In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. To support the flow of credit to households and businesses, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace to sustain smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will closely monitor developments and is prepared to adjust its plans as appropriate. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles. Implementation Note issued July 29, 2020 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources August 27, 2020 For release at 9:10 a.m. EDT Share Following an extensive review that included numerous public events across the country, the Federal Open Market Committee (FOMC) on Thursday announced the unanimous approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy, which articulates its approach to monetary policy and serves as the foundation for its policy actions. The updates reflect changes in the economy over the past decade and how policymakers are taking these changes into account in conducting monetary policy. The updated statement is also intended to enhance the transparency, accountability and effectiveness of monetary policy. "The economy is always evolving, and the FOMC's strategy for achieving its goals must adapt to meet the new challenges that arise," said Federal Reserve Chair Jerome H. Powell. "Our revised statement reflects our appreciation for the benefits of a strong labor market, particularly for many in low- and moderate-income communities, and that a robust job market can be sustained without causing an unwelcome increase in inflation." Among the more significant changes to the framework document are: The Committee first adopted a framework statement in 2012. This first public review of the FOMC framework was announced by Chair Powell in November 2018, and involved three distinct components. First, the Federal Reserve hosted a series of 15 Fed Listens events across the country to engage with employee groups and union members, small business owners, residents of low- and moderate-income communities, retirees, and others to hear a wide range of perspectives about how monetary policy decisions affect their communities. A report summarizing all of those events is available here: https://www.federalreserve.gov/publications/files/fedlistens-report-20200612.pdf. Second, the Federal Reserve in June 2019 convened a research conference at which prominent academic experts addressed economic topics central to the review. That conference program, links to the conference papers and presentations, and links to session videos are available here: https://www.federalreserve.gov/conferences/conference-monetary-policy-strategy-tools-communications-20190605.htm. Finally, the Committee explored the range of issues that were brought to light during the course of the review in five consecutive meetings beginning in July 2019. Analytical staff work put together by teams across the Federal Reserve System provided essential background for the Committee's discussions. Minutes of those meetings are available here: https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm and a collection of those papers is available here: https://www.federalreserve.gov/monetarypolicy/review-of-monetary-policy-strategy-tools-and-communications-system-analytical-work.htm. The FOMC reported it would continue its practice of considering the Statement of Longer-Run Goals and Policy each January and that it intends to undertake a public review of its monetary policy strategy, tools, and communication practices roughly every 5 years. For media inquiries, call 202-452-2955. Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources September 16, 2020 For release at 2:00 p.m. EDT Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment have picked up in recent months but remain well below their levels at the beginning of the year. Weaker demand and significantly lower oil prices are holding down consumer price inflation. Overall financial conditions have improved in recent months, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency mortgage-backed securities at least at the current pace to sustain smooth market functioning and help foster accommodative financial conditions, thereby supporting the flow of credit to households and businesses. 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; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Loretta J. Mester; and Randal K. Quarles. Voting against the action were Robert S. Kaplan, who expects that it will be appropriate to maintain the current target range until the Committee is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals as articulated in its new policy strategy statement, but prefers that the Committee retain greater policy rate flexibility beyond that point; and Neel Kashkari, who prefers that the Committee indicate that it expects to maintain the current target range until core inflation has reached 2 percent on a sustained basis. Implementation Note issued September 16, 2020 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources November 05, 2020 For release at 2:00 p.m. EST Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year. Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency mortgage-backed securities at least at the current pace to sustain smooth market functioning and help foster accommodative financial conditions, thereby supporting the flow of credit to households and businesses. 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; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Patrick Harker; Robert S. Kaplan; Loretta J. Mester; and Randal K. Quarles. Ms. Daly voted as an alternate member at this meeting. Implementation Note issued November 5, 2020 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources December 16, 2020 For release at 2:00 p.m. EST Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year. Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee's maximum employment and price stability goals. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. 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; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles. Implementation Note issued December 16, 2020 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources January 27, 2021 For release at 2:00 p.m. EST Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic. Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy will depend significantly on the course of the virus, including progress on vaccinations. The ongoing public health crisis continues to weigh on economic activity, employment, and inflation, and poses considerable risks to the economic outlook. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee's maximum employment and price stability goals. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. 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; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller. Implementation Note issued January 27, 2021 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources March 17, 2021 For release at 2:00 p.m. EDT Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Following a moderation in the pace of the recovery, indicators of economic activity and employment have turned up recently, although the sectors most adversely affected by the pandemic remain weak. Inflation continues to run below 2 percent. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy will depend significantly on the course of the virus, including progress on vaccinations. The ongoing public health crisis continues to weigh on economic activity, employment, and inflation, and poses considerable risks to the economic outlook. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee's maximum employment and price stability goals. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. 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; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller. Implementation Note issued March 17, 2021 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources April 28, 2021 For release at 2:00 p.m. EDT Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Amid progress on vaccinations and strong policy support, indicators of economic activity and employment have strengthened. The sectors most adversely affected by the pandemic remain weak but have shown improvement. Inflation has risen, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy will depend significantly on the course of the virus, including progress on vaccinations. The ongoing public health crisis continues to weigh on the economy, and risks to the economic outlook remain. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee's maximum employment and price stability goals. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. 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; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller. Implementation Note issued April 28, 2021 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources June 16, 2021 For release at 2:00 p.m. EDT Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. Progress on vaccinations has reduced the spread of COVID-19 in the United States. Amid this progress and strong policy support, indicators of economic activity and employment have strengthened. The sectors most adversely affected by the pandemic remain weak but have shown improvement. Inflation has risen, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy will depend significantly on the course of the virus. Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee's maximum employment and price stability goals. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. 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; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller. Implementation Note issued June 16, 2021 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources July 28, 2021 For release at 2:00 p.m. EDT Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have shown improvement but have not fully recovered. Inflation has risen, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy continues to depend on the course of the virus. Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. Last December, the Committee indicated that it would continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward its maximum employment and price stability goals. Since then, the economy has made progress toward these goals, and the Committee will continue to assess progress in coming meetings. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. 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; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller. Implementation Note issued July 28, 2021 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources September 22, 2021 For release at 2:00 p.m. EDT Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved in recent months, but the rise in COVID-19 cases has slowed their recovery. Inflation is elevated, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy continues to depend on the course of the virus. Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. Last December, the Committee indicated that it would continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward its maximum employment and price stability goals. Since then, the economy has made progress toward these goals. If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. 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; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller. Implementation Note issued September 22, 2021 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources November 03, 2021 For release at 2:00 p.m. EDT Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved in recent months, but the summer's rise in COVID-19 cases has slowed their recovery. Inflation is elevated, largely reflecting factors that are expected to be transitory. Supply and demand imbalances related to the pandemic and the reopening of the economy have contributed to sizable price increases in some sectors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy continues to depend on the course of the virus. Progress on vaccinations and an easing of supply constraints are expected to support continued gains in economic activity and employment as well as a reduction in inflation. Risks to the economic outlook remain. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In light of the substantial further progress the economy has made toward the Committee's goals since last December, the Committee decided to begin reducing the monthly pace of its net asset purchases by $10 billion for Treasury securities and $5 billion for agency mortgage-backed securities. Beginning later this month, the Committee will increase its holdings of Treasury securities by at least $70 billion per month and of agency mortgage‑backed securities by at least $35 billion per month. Beginning in December, the Committee will increase its holdings of Treasury securities by at least $60 billion per month and of agency mortgage-backed securities by at least $30 billion per month. The Committee judges that similar reductions in the pace of net asset purchases will likely be appropriate each month, but it is prepared to adjust the pace of purchases if warranted by changes in the economic outlook. The Federal Reserve's ongoing purchases and holdings of securities will continue to foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. 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; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller. Implementation Note issued November 3, 2021 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources December 15, 2021 For release at 2:00 p.m. EST Share The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved in recent months but continue to be affected by COVID-19. Job gains have been solid in recent months, and the unemployment rate has declined substantially. Supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy continues to depend on the course of the virus. Progress on vaccinations and an easing of supply constraints are expected to support continued gains in economic activity and employment as well as a reduction in inflation. Risks to the economic outlook remain, including from new variants of the virus. 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 keep the target range for the federal funds rate at 0 to 1/4 percent. With inflation having exceeded 2 percent for some time, the Committee expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment. In light of inflation developments and the further improvement in the labor market, the Committee decided to reduce the monthly pace of its net asset purchases by $20 billion for Treasury securities and $10 billion for agency mortgage-backed securities. Beginning in January, the Committee will increase its holdings of Treasury securities by at least $40 billion per month and of agency mortgage‑backed securities by at least $20 billion per month. The Committee judges that similar reductions in the pace of net asset purchases will likely be appropriate each month, but it is prepared to adjust the pace of purchases if warranted by changes in the economic outlook. The Federal Reserve's ongoing purchases and holdings of securities will continue to foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. 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; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller. Implementation Note issued December 15, 2021 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources January 26, 2022 For release at 2:00 p.m. EST Share Indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved in recent months but are being affected by the recent sharp rise in COVID-19 cases. Job gains have been solid in recent months, and the unemployment rate has declined substantially. Supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy continues to depend on the course of the virus. Progress on vaccinations and an easing of supply constraints are expected to support continued gains in economic activity and employment as well as a reduction in inflation. Risks to the economic outlook remain, including from new variants of the virus. 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 keep the target range for the federal funds rate at 0 to 1/4 percent. With inflation well above 2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate. The Committee decided to continue to reduce the monthly pace of its net asset purchases, bringing them to an end in early March. Beginning in February, the Committee will increase its holdings of Treasury securities by at least $20 billion per month and of agency mortgage‑backed securities by at least $10 billion per month. The Federal Reserve's ongoing purchases and holdings of securities will continue to foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. 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; Michelle W. Bowman; Lael Brainard; James Bullard; Esther L. George; Patrick Harker; Loretta J. Mester; and Christopher J. Waller. Patrick Harker voted as an alternate member at this meeting. Implementation Note issued January 26, 2022 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources March 16, 2022 For release at 2:00 p.m. EDT Share Indicators of economic activity and employment have continued to strengthen. Job gains have been strong in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The implications for the U.S. economy are highly uncertain, but in the near term the invasion and related events are likely to create additional upward pressure on inflation and weigh on economic activity. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at a coming meeting. 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; Michelle W. Bowman; Lael Brainard; Esther L. George; Patrick Harker; Loretta J. Mester; and Christopher J. Waller. Voting against this action was James Bullard, who preferred at this meeting to raise the target range for the federal funds rate by 0.5 percentage point to 1/2 to 3/4 percent. Patrick Harker voted as an alternate member at this meeting. Implementation Note issued March 16, 2022 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources May 04, 2022 For release at 2:00 p.m. EDT Share Although overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong. Job gains have been robust in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The implications for the U.S. economy are highly uncertain. The invasion and related events are creating additional upward pressure on inflation and are likely to weigh on economic activity. In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions. 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. With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3/4 to 1 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee decided to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities on June 1, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in conjunction with this statement. 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; Michelle W. Bowman; Lael Brainard; James Bullard; Esther L. George; Patrick Harker; Loretta J. Mester; and Christopher J. Waller. Patrick Harker voted as an alternate member at this meeting. Implementation Note issued May 4, 2022 Plans for Reducing the Size of the Federal Reserve's Balance Sheet Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources June 15, 2022 For release at 2:00 p.m. EDT Share Overall economic activity appears to have picked up after edging down in the first quarter. 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 energy prices, and broader price pressures. The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The invasion and related events are creating additional upward pressure on inflation and are weighing on global economic activity. In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions. 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 1‑1/2 to 1-3/4 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; Michelle W. Bowman; Lael Brainard; James Bullard; Lisa D. Cook; Patrick Harker; Philip N. Jefferson; Loretta J. Mester; and Christopher J. Waller. Voting against this action was Esther L. George, who preferred at this meeting to raise the target range for the federal funds rate by 0.5 percentage point to 1-1/4 percent to 1-1/2 percent. Patrick Harker voted as an alternate member at this meeting. Implementation Note issued June 15, 2022 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources July 27, 2022 For release at 2:00 p.m. EDT Share Recent indicators of spending and production have softened. Nonetheless, 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 2-1/4 to 2-1/2 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 July 27, 2022 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources September 21, 2022 For release at 2:00 p.m. EDT Share 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 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources November 02, 2022 For release at 2:00 p.m. EDT Share 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 3-3/4 to 4 percent. The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the pace of future increases in the target range, 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 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. For media inquiries, please email or call 202-452-2955. Implementation Note issued November 2, 2022 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources December 14, 2022 For release at 2:00 p.m. EST Share 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 contributing to 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 4-1/4 to 4-1/2 percent. The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the pace of future increases in the target range, 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 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. For media inquiries, please email or call 202-452-2955. Implementation Note issued December 14, 2022 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources February 01, 2023 For release at 2:00 p.m. EST Share 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 has eased somewhat but remains elevated. Russia's war against Ukraine is causing tremendous human and economic hardship and is contributing to elevated global uncertainty. 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 4-1/2 to 4-3/4 percent. The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the extent of future increases in the target range, 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; Lael Brainard; 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 or call 202-452-2955. Implementation Note issued February 1, 2023 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources March 22, 2023 For release at 2:00 p.m. EDT Share Recent indicators point to modest growth in spending and production. Job gains have picked up in recent months and are running at a robust pace; the unemployment rate has remained low. The U.S. banking system is sound and resilient. Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is 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 4-3/4 to 5 percent. The Committee will closely monitor incoming information and assess the implications for monetary policy. The Committee anticipates that some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the extent of future increases in the target range, 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 or call 202-452-2955. Implementation Note issued March 22, 2023 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources May 03, 2023 For release at 2:00 p.m. EDT Share Economic activity expanded at a modest pace in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. 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 to 5-1/4 percent. The Committee will closely monitor incoming information and assess the implications for monetary policy. In determining the extent to which additional policy firming 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 or call 202-452-2955. Implementation Note issued May 3, 2023 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources June 14, 2023 For release at 2:00 p.m. EDT Share Recent indicators suggest that economic activity has continued to expand at a modest pace. Job gains have been robust in recent months, and the unemployment rate has remained low. 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 maintain the target range for the federal funds rate at 5 to 5-1/4 percent. Holding the target range steady at this meeting allows the Committee 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 or call 202-452-2955. Implementation Note issued June 14, 2023 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources July 26, 2023 For release at 2:00 p.m. EDT Share 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. 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 or call 202-452-2955. Implementation Note issued July 26, 2023 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources September 20, 2023 For release at 2:00 p.m. EDT Share Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. 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 maintain the target range for the federal funds rate at 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; Adriana D. Kugler; Lorie K. Logan; and Christopher J. Waller. For media inquiries, please email or call 202-452-2955. Implementation Note issued September 20, 2023 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources November 01, 2023 For release at 2:00 p.m. EDT Share Recent indicators suggest that economic activity expanded at a strong pace in the third quarter. Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. The U.S. banking system is sound and resilient. Tighter financial and 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 maintain the target range for the federal funds rate at 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; Adriana D. Kugler; Lorie K. Logan; and Christopher J. Waller. For media inquiries, please email or call 202-452-2955. Implementation Note issued November 1, 2023 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources December 13, 2023 For release at 2:00 p.m. EST Share Recent indicators suggest that growth of economic activity has slowed from its strong pace in the third quarter. Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. The U.S. banking system is sound and resilient. Tighter financial and 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 maintain the target range for the federal funds rate at 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 any 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; Adriana D. Kugler; Lorie K. Logan; and Christopher J. Waller. For media inquiries, please email or call 202-452-2955. Implementation Note issued December 13, 2023 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources January 31, 2024 For release at 2:00 p.m. EST Share Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have moderated since early last year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. 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 are moving into better balance. 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, 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; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Philip N. Jefferson; Adriana D. Kugler; Loretta J. Mester; and Christopher J. Waller. For media inquiries, please email or call 202-452-2955. Implementation Note issued January 31, 2024 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources March 20, 2024 For release at 2:00 p.m. EDT Share Recent indicators suggest that economic activity has been expanding 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. 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 are moving into better balance. 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, 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; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Philip N. Jefferson; Adriana D. Kugler; Loretta J. Mester; and Christopher J. Waller. For media inquiries, please email or call 202-452-2955. Implementation Note issued March 20, 2024 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources May 01, 2024 For release at 2:00 p.m. EDT Share 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 expectations, and financial and international developments. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Philip N. Jefferson; Adriana D. Kugler; Loretta J. Mester; and Christopher J. Waller. For media inquiries, please email or call 202-452-2955. Implementation Note issued May 1, 2024 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources June 12, 2024 For release at 2:00 p.m. EDT Share 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 modest 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. 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; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Philip N. Jefferson; Adriana D. Kugler; Loretta J. Mester; and Christopher J. Waller. For media inquiries, please email or call 202-452-2955. Implementation Note issued June 12, 2024 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources July 31, 2024 For release at 2:00 p.m. EDT Share Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have moderated, and the unemployment rate has moved up but remains low. Inflation has eased over the past year but remains somewhat elevated. In recent months, there has been some 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 continue to move into better balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate. 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. 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; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Austan D. Goolsbee; Philip N. Jefferson; Adriana D. Kugler; and Christopher J. Waller. Austan D. Goolsbee voted as an alternate member at this meeting. For media inquiries, please email or call 202-452-2955. Implementation Note issued July 31, 2024 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources September 18, 2024 For release at 2:00 p.m. EDT Share Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Committee's 2 percent objective but remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate. In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent. In considering additional 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 will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to supporting maximum employment and 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; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Lisa D. Cook; Mary C. Daly; Beth M. Hammack; Philip N. Jefferson; Adriana D. Kugler; and Christopher J. Waller. Voting against this action was Michelle W. Bowman, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting. For media inquiries, please email or call 202-452-2955. Implementation Note issued September 18, 2024 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

리포트

fomc

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Federal Open Market Committee Monetary Policy Principles and Practice Policy Implementation Reports Review of Monetary Policy Strategy, Tools, and Communications Institution Supervision Reports Reporting Forms Supervision & Regulation Letters Banking Applications & Legal Developments Regulatory Resources Banking & Data Structure Financial Stability Assessments Financial Stability Coordination & Actions Reports Regulations & Statutes Payment Policies Reserve Bank Payment Services & Data Financial Market Utilities & Infrastructures Research, Reports, & Committees Working Papers and Notes Data, Models and Tools Bank Assets and Liabilities Bank Structure Data Business Finance Dealer Financing Terms Exchange Rates and International Data Financial Accounts Household Finance Industrial Activity Interest Rates Micro Data Reference Manual (MDRM) Money Stock and Reserve Balances Other Regulations Supervision & Enforcement Community Development Research & Analysis Consumer Resources November 07, 2024 For release at 2:00 p.m. EST Share Recent indicators suggest that economic activity has continued to expand at a solid pace. Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated. 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 are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate. In support of its goals, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/2 to 4-3/4 percent. In considering additional 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 will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to supporting maximum employment and 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; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Beth M. Hammack; Philip N. Jefferson; Adriana D. Kugler; and Christopher J. Waller. For media inquiries, please email or call 202-452-2955. Implementation Note issued November 7, 2024 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

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