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Press Release
Release Date: June 17, 2015
For immediate release
Information received since the Federal Open Market Committee met in April
suggests that economic activity has been expanding moderately after having
changed little during the first quarter. The pace of job gains picked up
while the unemployment rate remained steady. On balance, a range of labor
market indicators suggests that underutilization of labor resources
diminished somewhat. Growth in household spending has been moderate and the
housing sector has shown some improvement; however, business fixed
investment and net exports stayed soft. Inflation continued to run below the
Committee's longer-run objective, partly reflecting earlier declines in
energy prices and decreasing prices of non-energy imports; energy prices
appear to have stabilized. Market-based measures of inflation compensation
remain low; survey-based measures of longer-term inflation expectations have
remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum
employment and price stability. The Committee expects that, with
appropriate policy accommodation, economic activity will expand at a
moderate pace, with labor market indicators continuing to move toward levels
the Committee judges consistent with its dual mandate. The Committee
continues to see the risks to the outlook for economic activity and the
labor market as nearly balanced. Inflation is anticipated to remain near its
recent low level in the near term, but the Committee expects inflation to
rise gradually toward 2 percent over the medium term as the labor market
improves further and the transitory effects of earlier declines in energy
and import prices dissipate. The Committee continues to monitor inflation
developments closely.
To support continued progress toward maximum employment and price stability,
the Committee today reaffirmed its view that the current 0 to 1/4 percent
target range for the federal funds rate remains appropriate. In determining
how long to maintain this target range, the Committee will assess progress--
both realized and expected--toward its objectives of maximum employment and
2 percent inflation. This assessment will take into account a wide range of
information, including measures of labor market conditions, indicators of
inflation pressures and inflation expectations, and readings on financial
and international developments. The Committee anticipates that it will be
appropriate to raise the target range for the federal funds rate when it has
seen further improvement in the labor market and is reasonably confident
that inflation will move back to its 2 percent objective over the medium
term.
The Committee is maintaining its existing policy of reinvesting principal
payments from its holdings of agency debt and agency mortgage-backed
securities in agency mortgage-backed securities and of rolling over maturing
Treasury securities at auction. This policy, by keeping the Committee's
holdings of longer-term securities at sizable levels, should help maintain
accommodative financial conditions.
When the Committee decides to begin to remove policy accommodation, it will
take a balanced approach consistent with its longer-run goals of maximum
employment and inflation of 2 percent. The Committee currently anticipates
that, even after employment and inflation are near mandate-consistent levels
, economic conditions may, for some time, warrant keeping the target federal
funds rate below levels the Committee views as normal in the longer run.
Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair;
William C. Dudley, Vice Chairman; Lael Brainard; Charles L. Evans; Stanley
Fischer; Jeffrey M. Lacker; Dennis P. Lockhart; Jerome H. Powell; Daniel K.
Tarullo; and John C. Williams.
2015 Monetary Policy Releases |
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