The april fomc statement showed the Committee left the federal funds target range at 3-1/2 to 3-3/4 percent. It said economic activity had grown at a solid pace. However, it also said job gains stayed low on average and the unemployment rate changed little in recent months.
The statement said inflation remained elevated. It added that the recent rise in global energy prices partly drove that trend. Meanwhile, the Committee said developments in the Middle East were adding to uncertainty around the economic outlook.
April FOMC Statement on Rates
The Committee said it aims for maximum employment and inflation of 2 percent over the longer run. Therefore, it kept the target range unchanged at the April 28-29 meeting. It also said it would judge any further rate moves by looking at incoming data, the outlook, and the balance of risks.
The statement said policymakers would keep watching new information for its impact on the outlook. Additionally, it said the Committee stood ready to adjust policy if risks appeared that could block its goals. It said that review would cover labor market data, inflation pressures, inflation expectations, and financial and international developments.
Split Votes in the April FOMC Statement
Jerome H. Powell voted for the action, along with John C. Williams, Michael S. Barr, Michelle W. Bowman, Lisa D. Cook, Philip N. Jefferson, Anna Paulson, and Christopher J. Waller. However, the vote was not unanimous. Stephen I. Miran dissented because he wanted a 1/4 percentage point cut at that meeting.
Beth M. Hammack, Neel Kashkari, and Lorie K. Logan also voted against the action. They supported keeping the target range unchanged. However, they did not support including an easing bias in the statement at that time.
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