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September 22, 2021US MONETARY POLICY At its scheduled Federal Open Market Committee (FOMC) meeting, the Federal Reserve announced that it would keep the target range for the federal funds rate at 0 to 0.25 per cent. The Committee expects to maintain this target rate until labour market conditions are at levels that are consistent with the Committee’s assessment of maximum employment and inflation has risen to 2 per cent and is on track to moderately exceed 2 per cent for a period so that inflation averages 2 per cent over time.
The Federal Reserve asset purchases of Treasury securities (at least $80 billion per month) and agency mortgage-backed securities (at least $40 billion per month) is being re-evaluated. The Federal Reserve noted that progress has been made towards its goals and that a moderation in the pace of asset purchases may soon be warranted.
The Federal Reserve noted that the path of the economy continues to depend on the course of the virus. Progress on vaccinations and policy supports have strengthened economic activity and employment. The sectors most adversely impacted by the pandemic have improved in recent months. Rising COVID-19 cases has slowed the recovery. Inflation is elevated due to transitory factors.
Source: US Federal Reserve, FOMC Statement
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