Federal Reserve issues FOMC statement

removed: Recent added: Available indicators suggest that removed: growth of economic activity removed: moderated in the first half of the year. added: has been expanding at a moderate pace. Job gains have removed: slowed, added: slowed this year, and the unemployment rate has edged up but removed: remains low. added: remained low through August; more recent indicators are consistent with these developments. Inflation has moved up added: since earlier in the year and remains somewhat elevated.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment removed: have risen. added: rose in recent months.

In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to added: 3-3/4 to 4 removed: to 4‑1/4 percent. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee removed: will continue reducing added: decided to conclude the reduction of its added: aggregate securities holdings removed: of Treasury securities and agency debt and agency mortgage‑backed securities. added: on December 1. The Committee is strongly committed to supporting maximum employment and 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 labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Susan M. Collins; Lisa D. Cook; Austan D. Goolsbee; Philip N. Jefferson; Alberto G. Musalem; removed: Jeffrey R. Schmid; and Christopher J. Waller. Voting against this action removed: was added: were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this added: meeting, and Jeffrey R. Schmid, who preferred no change to the target range for the federal funds rate at this meeting.