The labor market has come into better balance and the unemployment rate remains low. Inflation has eased substantially from a peak of 7 percent to 2.5 percent. We are strongly committed to returning inflation to our 2 percent goal in support of a strong economy that benefits everyone. decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings. The broad sense of the committee is that the economy is moving closer to the point at which it will be appropriate to reduce our policy rate.

Source: New York Times July 31, 2024 20:25 UTC