FOMC Press Release# Stock
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For immediate release
Information received since the Federal Open Market Committee met in December
suggests that the economy has been expanding moderately, notwithstanding
some slowing in global growth. While indicators point to some further
improvement in overall labor market conditions, the unemployment rate
remains elevated. Household spending has continued to advance, but growth in
business fixed investment has slowed, and the housing sector remains
depressed. Inflation has been subdued in recent months, and longer-term
inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum
employment and price stability. The Committee expects economic growth over
coming quarters to be modest and consequently anticipates that the
unemployment rate will decline only gradually toward levels that the
Committee judges to be consistent with its dual mandate. Strains in global
financial markets continue to pose significant downside risks to the
economic outlook. The Committee also anticipates that over coming quarters,
inflation will run at levels at or below those consistent with the Committee
's dual mandate.
To support a stronger economic recovery and to help ensure that inflation,
over time, is at levels consistent with the dual mandate, the Committee
expects to maintain a highly accommodative stance for monetary policy. In
particular, the Committee decided today to keep the target range for the
federal funds rate at 0 to 1/4 percent and currently anticipates that
economic conditions--including low rates of resource utilization and a
subdued outlook for inflation over the medium run--are likely to warrant
exceptionally low levels for the federal funds rate at least through late
2014.
The Committee also decided to continue its program to extend the average
maturity of its holdings of securities as announced in September. The
Committee is maintaining its existing policies of reinvesting principal
payments from its holdings of agency debt and agency mortgage-backed
securities in agency mortgage-backed securities and of rolling over maturing
Treasury securities at auction. The Committee will regularly review the
size and composition of its securities holdings and is prepared to adjust
those holdings as appropriate to promote a stronger economic recovery in a
context of price stability.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman;
William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart;
Sandra Pianalto; Sarah Bloom Raskin; Daniel K. Tarullo; John C. Williams;
and Janet L. Yellen. Voting against the action was Jeffrey M. Lacker, who
preferred to omit the description of the time period over which economic
conditions are likely to warrant exceptionally low levels of the federal
funds rate.
Information received since the Federal Open Market Committee met in December
suggests that the economy has been expanding moderately, notwithstanding
some slowing in global growth. While indicators point to some further
improvement in overall labor market conditions, the unemployment rate
remains elevated. Household spending has continued to advance, but growth in
business fixed investment has slowed, and the housing sector remains
depressed. Inflation has been subdued in recent months, and longer-term
inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum
employment and price stability. The Committee expects economic growth over
coming quarters to be modest and consequently anticipates that the
unemployment rate will decline only gradually toward levels that the
Committee judges to be consistent with its dual mandate. Strains in global
financial markets continue to pose significant downside risks to the
economic outlook. The Committee also anticipates that over coming quarters,
inflation will run at levels at or below those consistent with the Committee
's dual mandate.
To support a stronger economic recovery and to help ensure that inflation,
over time, is at levels consistent with the dual mandate, the Committee
expects to maintain a highly accommodative stance for monetary policy. In
particular, the Committee decided today to keep the target range for the
federal funds rate at 0 to 1/4 percent and currently anticipates that
economic conditions--including low rates of resource utilization and a
subdued outlook for inflation over the medium run--are likely to warrant
exceptionally low levels for the federal funds rate at least through late
2014.
The Committee also decided to continue its program to extend the average
maturity of its holdings of securities as announced in September. The
Committee is maintaining its existing policies of reinvesting principal
payments from its holdings of agency debt and agency mortgage-backed
securities in agency mortgage-backed securities and of rolling over maturing
Treasury securities at auction. The Committee will regularly review the
size and composition of its securities holdings and is prepared to adjust
those holdings as appropriate to promote a stronger economic recovery in a
context of price stability.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman;
William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart;
Sandra Pianalto; Sarah Bloom Raskin; Daniel K. Tarullo; John C. Williams;
and Janet L. Yellen. Voting against the action was Jeffrey M. Lacker, who
preferred to omit the description of the time period over which economic
conditions are likely to warrant exceptionally low levels of the federal
funds rate.
