Here’s the text of part of the Fed’s press release issued at 2:00 pm ET on June 14, 2023:
“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5 to 5-1/4 percent. Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments… The Committee is strongly committed to returning inflation to its 2 percent objective.”
The FOMC vote in favour of this policy statement was unanimous.
Sven Franssen