DATE: July 26 - 27, 2022 

ECONOMIC HIGHLIGHTS: Economic activity continue to weaken, and inflation remains too high!

• Recent indicators of spending and production have softened
• Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low.
• Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.
• Russia's war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity.

• The Committee is highly attentive to inflation risks.

ANNOUNCEMENTS: Fed funds rate increased. Fed funds range raised by a 0.75% to a new range of 2.25% to 2.50%, and balance sheet reductions continue.

• The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run.
• In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2.25% to 2.50% and anticipates that ongoing increases in the target range will be appropriate.
• In addition, the Committee will continue reducing its holding of Treasury securities, 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.
• The Committee is strongly committed to returning inflation to its 2%.
• In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook.
• The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals.
• The Committee's assessments will consider a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments..
• The Board of Governors of the Federal Reserve System voted unanimously to raise the interest rate paid on reserve balances to 2.4%, effective July 28, 2022.

VOTING RESULTS: One dissenting vote

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Susan M. Collins; Lisa D. Cook; Ester L. George; Philip N. Jefferson; Loretta J. Mester; and Christopher J. Waller

NEXT MEETING: September 19 - 20, 2022