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November 02, 2022US MONETARY POLICY At its scheduled Federal Open Market Committee (FOMC) meeting, the Federal Reserve announced that it will raise the target range for the federal funds rate by a three quarters of a point to 3.75% to 4.0%. 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.
While job gains have been robust and the unemployment rate remained low in recent months, recent economic indicators point to modest growth in spending and production. The war in Ukraine continues to put upward pressure on inflation and continues to weigh on global economic activity.
US inflation remains elevated reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. The United States Consumer Price Index for All Urban Consumers increased 8.2% year-over-year in September 2022.
The Committee will continue to monitor economic developments and is prepared to adjust the monetary policy measures as appropriate, taking into account the cumulative tightening of monetary policy as well as the lags with which monetary policy affects economic activity and inflation. The next scheduled FOMC meeting will be held on December 13-14, 2022.
Source: US Federal Reserve, FOMC Statement
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