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The primary motivation for creating the Federal Reserve System was to address banking panics. Other purposes are stated in the Federal Reserve Act, such as "to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes". Before the founding of the Federal Reserve System, the United States underwent several financial crises. A particularly severe crisis in 1907 led Congress to enact the Federal Reserve Act in 1913. Today the Federal Reserve System has responsibilities in addition to ensuring the stability of the financial system.

SEP
23

Federal Reserve Board approves discount rate action by the Boards of Directors of the Federal Reserve Banks of New York, Minneapolis, and San Francisco

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The Federal Reserve Board approved action on Thursday by the Boards of Directors of the Federal Reserve Banks of New York, Minneapolis, and San Francisco increasing the discount rate, specifically the primary credit rate, at the Banks from 2-1/2 percent to 3-1/4 percent, effective immediately.

For media inquiries, call 202-452-2955 or e-mail [email protected].

Last Update: September 22, 2022

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SEP
22

Federal Reserve Board and Federal Open Market Committee release economic projections from the September 20-21 FOMC meeting

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The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the September 20-21 meeting.

Projections (PDF) | Accessible Materials

For media inquiries, email [email protected] or call 202-452-2955.

Last Update: September 21, 2022

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SEP
22

Federal Reserve issues FOMC statement

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Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.

Russia's war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks.

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 raise the target range for the federal funds rate to 3 to 3-1/4 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May. The Committee is strongly committed to 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 public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

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AUG
24

Minutes of the Board's discount rate meetings on July 18 and July 27, 2022

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The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings on July 18 and July 27, 2022.

The minutes are attached.

For media inquiries, please email [email protected] or call 202-452-2955.

Last Update: August 23, 2022

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AUG
18

Minutes of the Federal Open Market Committee, July 26–27, 2022

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The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 26–27, 2022.

The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board’s Annual Report. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.

FOMC minutes can be viewed on the Board’s website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

For media inquiries, e-mail [email protected] or call 202-452-2955

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NOV
26

Powell, Building on the Gains from the Long Expansion

Over the past year, my colleagues and I on the Federal Open Market Committee (FOMC) have been conducting a first-ever public review of how we make monetary policy. As part of that review, we held Fed Listens events around the country where representatives from a wide range of groups have been telling us how the economy is working for them and the people they represent and how the Federal Reserve might better promote the goals Congress has set for us: maximum employment and price stability. We have heard two messages loud and clear. First, as this expansion continues into its 11th year—the longest in U.S. history—economic conditions are generally good. Second, the benefits of the long expansion are only now reaching many communities, and there is plenty of room to build on the impressive gains achieved so far.

These themes show through in many ways in official statistics. For example, more than a decade of steady advances has pushed the jobless rate near a 50-year low, where it has remained for well over a year. But the wealth of middle-income families—savings, home equity, and other assets—has only recently surpassed levels seen before the Great Recession, and the wealth of people with lower incomes, while growing, has yet to fully recover.1

Fortunately, the outlook for further progress is good: Forecasters are generally predicting continued growth, a strong job market, and inflation near 2 percent. Tonight I will begin by discussing the Fed's policy actions over the past year to support the favorable outlook. Then I will turn to two important opportunities for further gains from this expansion: maintaining a stable and reliable pace of 2 percent inflation and spreading the benefits of employment more widely.

Monetary Policy and the Economy in 2019
We started 2019 with a favorable outlook, and over the year the outlook has changed only modestly in the eyes of many forecasters (figure 1). For example, in the Survey of Professional Forecasters, the forecast for inflation is a bit lower, but the unemployment forecast is unchanged and the forecast for gross domestic product (GDP) is nearly unchanged.2 The key to the ongoing favorable outlook is household spending, which represents about 70 percent of the economy and continues to be strong, supported by the healthy job market, rising incomes, and solid consumer confidence.

While events of the year have not much changed the outlook, the process of getting from there to here has been far from dull. I will describe how we grappled with incoming information and made important monetary policy changes through the year to help keep the favorable outlook on track.

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NOV
21

Minutes of the Federal Open Market Committee, October 29-30, 2019

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The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on October 29-30, 2019 and of the conference call held on October 4, 2019.

The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board’s Annual Report. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.

FOMC minutes can be viewed on the Board's website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

For media inquiries, call 202-452-2955

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NOV
01

Federal Reserve Board approves actions by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Kansas City, and Dallas

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The Federal Reserve Board has approved actions on Thursday by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Kansas City, and Dallas decreasing the discount rate (the primary credit rate) at the Banks from 2-1/2 percent to 2-1/4 percent, effective immediately.

For media inquiries, call (202) 452-2955

Last Update: October 31, 2019

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OCT
31

Federal Reserve issues FOMC statement

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Information received since the Federal Open Market Committee met in September indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a strong pace, business fixed investment and exports remain weak. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent. This action supports the Committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective are the most likely outcomes, but uncertainties about this outlook remain. The Committee will continue to monitor the implications of incoming information for the economic outlook as it assesses the appropriate path of the target range for the federal funds rate.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. 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.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; and Randal K. Quarles. Voting against this action were: Esther L. George and Eric S. Rosengren, who preferred at this meeting to maintain the target range at 1-3/4 percent to 2 percent.

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OCT
16

Minutes of the Board's discount rate meetings on August 26 and September 18, 2019

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The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings on August 26 and September 18, 2019.

The minutes are attached.

For media inquiries, call 202-452-2955.

Last Update: October 15, 2019

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