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FOMC Meeting Results
Dr. Ed Seifried, Chief Economist and Strategic Adviser at BNK Advisory Group, shares excerpts from the official published FOMC meeting statements in his published statement below.
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FOMC Meeting Results, September 2022
Federal Open Market Committee (FOMC) Meeting Results
The Committee emphasized that it is strongly committed to returning inflation to its 2% objective.
FOMC Meeting Results, July 2022
Federal Open Market Committee (FOMC) Meeting Results
The Fed increased its Target Fed Funds rate by 3/4%, despite the warning of some experts that the rate hike would be a full 1.0%. The new Fed Funds Target range is now 2.25% – 2.50%.
Unlike the June 2022 meeting vote, this meeting’s vote was unanimous!
The FOMC, which began to shrink its securities portfolio on June 1, 2022, announced it 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 it announced at the May 2022 FOMC meeting.
The Committee emphasized that it is strongly committed to returning inflation to its 2% objective.
FOMC Meeting Results, June 2022
Federal Open Market Committee (FOMC) Meeting Results
Surprise! The Fed increased its Target Fed Funds rate by 0.75%, instead of the predicted 0.5%. The new range is 1.50%-1.75%.
The Committee declared it is highly attentive to risks of high inflation.
The vote was not unanimous! Voting against this action was Esther L. George, who preferred at this meeting to raise the target range for the federal funds rate by only 0.5 percentage point to a range of 1-1/4 percent to 1-1/2 percent.
The FOMC, which began to shrink its securities portfolio on June 1, 2022, announced it 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 it announced at the May 2022 FOMC meeting.
The Committee emphasized that it is strongly committed to returning inflation to its 2% objective.
New dot plot projections shown the Fed funds rate could be as high as 3.75% by year end, and 4.25% by the end of 2023.