近期指標顯示，今年上半年經濟活動增長放緩。就業增長減速，失業率小幅上升但仍保持在低位。通貨膨脹有所上升并仍處于較高水平。
委員會力求在長期內實現就業最大化和2%的通貨膨脹率。經濟前景的不確定性依然很高。委員會關注其雙重使命兩方面的風險，并認為就業下行風險有所增加。
為支持其目標并鑒于風險平衡的變化，委員會決定將聯邦基金利率目標區間下調1/4個百分點至4%到4.25%。在考慮對聯邦基金利率目標區間進行額外調整時，委員會將仔細評估即將發布的數據、不斷演變的前景以及風險平衡。委員會將繼續減少其持有的國庫券、機構債務和機構抵押貸款支持證券。委員會堅定致力于支持最大就業和將通脹恢復到2%的目標。
在評估貨幣政策的適當立場時，委員會將繼續監測即將發布的信息對經濟前景的影響。如果出現可能阻礙委員會目標實現的風險，委員會將準備酌情調整貨幣政策立場。委員會的評估將考慮廣泛的信息，包括勞動力市場狀況、通脹壓力和通脹預期，以及金融和國際發展。
投票支持貨幣政策行動的成員包括：主席杰羅姆·H·鮑威爾；副主席約翰·C·威廉姆斯；邁克爾·S·巴爾；米歇爾·W·鮑曼；蘇珊·M·柯林斯；麗莎·D·庫克；奧斯坦·D·古爾斯比；菲利普·N·杰斐遜；阿爾貝托·G·穆薩勒姆；杰弗里·R·施密德；以及克里斯托弗·J·沃勒。斯蒂芬·I·米蘭投票反對此次行動，他傾向于在此次會議上將聯邦基金利率目標區間下調 1/2 個百分點。
Recent indicators suggest that growth of economic activity moderated in the first half of the year. Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen.
In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4 to 4?1/4 percent. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing 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 its 2 percent objective.
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 take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Susan M. Collins; Lisa D. Cook; Austan D. Goolsbee; Philip N. Jefferson; Alberto G. Musalem; Jeffrey R. Schmid; and Christopher J. Waller. Voting against this action was Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting.
