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Richmond Fed at a Glance

May 2019

Monetary Policy Update

Powell press conference FOMC
Federal Reserve
  • Fed policymakers voted 10–0 in May to maintain the target range for the federal funds rate at 2.25 percent to 2.5 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,” according to the Federal Open Market Committee’s April 30-May 1 statement
  • The Committee said it will determine the timing and size of future adjustments to the target range for the federal funds rate based on “realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective.”
  • During the news conference that followed the two-day meeting, Fed Chairman Jerome Powell fielded questions on the FOMC’s decision, U.S. productivity and economic growth, as well as global economic conditions affecting his and the panel’s policymaking. “Growth is at a healthy level. The labor market is strong. We see job creation. We see wages moving up. Inflation is low, which gives us the ability to be patient and we do expect it to move up and we want it to move up to 2 percent. So I see us on a good path for this year,” he told reporters. 
  • The next FOMC meeting is scheduled for June 18–19, 2019.

Resources: FOMC April 30–May 1, 2019 News Conference Transcript and Video

The FOMC holds eight regularly scheduled meetings each year. All meetings are followed by a news conference. 2019 FOMC Schedule

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