FOMC Rate Decision

What the statement says

The FOMC lowered the federal funds rate target range by 25 basis points to 3.5–3.75 percent and announced it will begin purchases of shorter-term Treasury securities to maintain an ample supply of reserves.

• The Committee lowered the target range for the federal funds rate by 1/4 percentage point to 3-1/2 to 3‑3/4 percent.
• The Committee judged that reserve balances have declined to ample levels and will initiate purchases of shorter-term Treasury securities as needed to maintain an ample supply of reserves on an ongoing basis.
• Inflation has moved up since earlier in the year and remains somewhat elevated; job gains have slowed this year and the unemployment rate has edged up through September.
• The Committee judged that downside risks to employment rose in recent months and is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
• Stephen I. Miran voted against the action, preferring a 1/2 percentage point reduction; Austan D. Goolsbee and Jeffrey R. Schmid voted against, preferring no change to the target range.

AI-generated summary of the official text. The official statement is authoritative. Not investment advice.