Federal Reserve Policy Statement: The economic outlook remains uncertain, and the risks of the dual goals are closely monitored

The Federal Reserve policy statement shows that economic activity continues to expand at a steady pace. So far this year, the overall labor market situation has eased somewhat, with the unemployment rate rising but still at a low level. Inflation is gradually approaching the Committee's 2% target, but is still slightly above the target level. The Committee's goal is to achieve maximum employment and a long-term 2% inflation rate. The Committee judges that the risks to the employment and inflation targets are broadly balanced. The economic outlook still faces uncertainties, and the Committee is closely monitoring the risks to its dual mandate. To support its goals, the Committee decided to lower the target range for the federal funds rate by 25 basis points to 4.5% to 4.75%. In considering further adjustments to the target range for the federal funds rate, the Committee will carefully evaluate new data, changes in the economic outlook, and the balance of risks. The Committee will also continue to reduce the size of its holdings of Treasury securities, agency debt, and agency mortgage-backed securities. The Committee is firmly committed to supporting maximum employment and restoring inflation to the 2% target.