Full Text of the FOMC's Written Statement

Forex - The written statement following the two-day meeting of the Federal Open Market Committee (FOMC) is as follows: "Recent indicators suggest that economic activity continues to expand at a strong pace. Since the beginning of the year, labor market conditions have generally eased, and the unemployment rate has risen but remains low. Inflation, while moving towards the Committee's 2% target, remains somewhat elevated. The Committee aims to achieve maximum employment and a 2% inflation rate in the long run. The Committee assesses that the risks to achieving its employment and inflation goals are roughly balanced. The economic outlook is uncertain, and the Committee is attentive to the risks on both sides of its dual mandate. To support its goals, the Committee has decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/2 to 4-3/4 percent. In evaluating the need for further adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, evolving outlook, and risk balance. The Committee will continue to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to the 2% target. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the effects of incoming information on the economic outlook. The Committee will be prepared to adjust the stance of monetary policy appropriately in the event of emerging risks. In its assessments, the Committee will consider a broad range of information, including labor market conditions, inflation pressures and expectations, and financial and international developments. Monetary policy decision voters: Jerome H. Powell, Chair; John C. Williams, Vice Chair; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Beth M. Hammack; Philip N. Jefferson; Adriana D. Kugler; and Christopher J. Waller."