Federal Reserve issues FOMC statement

Federal Reserve issues FOMC statement. For release at 2:00 p.m. EDT ... Patrick Harker voted as an alternate member at this meeting. 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TheinvasionofUkrainebyRussiaiscausingtremendoushumanandeconomichardship.Theinvasionandrelatedeventsarecreatingadditionalupwardpressureoninflationandareweighingonglobaleconomicactivity.Inaddition,COVID-relatedlockdownsinChinaarelikelytoexacerbatesupplychaindisruptions.TheCommitteeishighlyattentivetoinflationrisks. TheCommitteeseekstoachievemaximumemploymentandinflationattherateof2percentoverthelongerrun.Insupportofthesegoals,theCommitteedecidedtoraisethetargetrangeforthefederalfundsrateto1‑1/2to1-3/4percentandanticipatesthatongoingincreasesinthetargetrangewillbeappropriate.Inaddition,theCommitteewillcontinuereducingitsholdingsofTreasurysecuritiesandagencydebtandagencymortgage-backedsecurities,asdescribedinthePlansforReducingtheSizeoftheFederalReserve'sBalanceSheetthatwereissuedinMay.TheCommitteeisstronglycommittedtoreturninginflationtoits2percentobjective. Inassessingtheappropriatestanceofmonetarypolicy,theCommitteewillcontinuetomonitortheimplicationsofincominginformationfortheeconomicoutlook.TheCommitteewouldbepreparedtoadjustthestanceofmonetarypolicyasappropriateifrisksemergethatcouldimpedetheattainmentoftheCommittee'sgoals.TheCommittee'sassessmentswilltakeintoaccountawiderangeofinformation,includingreadingsonpublichealth,labormarketconditions,inflation pressuresandinflationexpectations,andfinancialandinternationaldevelopments. VotingforthemonetarypolicyactionwereJeromeH.Powell,Chair;JohnC.Williams,ViceChair;MichelleW.Bowman;LaelBrainard;JamesBullard;LisaD.Cook;PatrickHarker;PhilipN.Jefferson;LorettaJ.Mester;andChristopherJ.Waller.VotingagainstthisactionwasEstherL.George,whopreferredatthismeetingtoraisethetargetrangeforthefederalfundsrateby0.5percentagepointto1-1/4percentto1-1/2percent.PatrickHarkervotedasanalternatememberatthismeeting. ImplementationNoteissuedJune15,2022 LastUpdate: June15,2022