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

Economic Data

Federal Reserve Board

Thursday, 18 August 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

Minutes of the Federal Open Market Committee
July 26-27, 2022: HTML | PDF

Last Update: August 17, 2022

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Federal Reserve Board

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.