Source: Zheng Yao

On April 30, Beijing time, the Federal Reserve kept the benchmark interest rate unchanged at 3.50%-3.75%, maintaining its position for the third consecutive meeting, in line with market expectations. The FOMC passed the resolution with a vote of 8 to 4, with Milan voting against, supporting a cut of 0.25 percentage points; Hammack, Kashkari, and Logan also cast dissenting votes, opposing the inclusion of future easing language in the statement.

Full Text of the Interest Rate Decision

Recent indicators suggest that economic activity is expanding at a robust pace. Job growth has generally been weak, and the unemployment rate has not changed much in recent months. Inflation levels remain elevated, partly reflecting recent increases in global energy prices.

The Committee is committed to achieving full employment over the long term while keeping inflation at 2%. The developments in the Middle East are exacerbating the uncertainty surrounding the economic outlook. The Committee closely monitors the risks associated with its dual mandate.

To support these goals, the Committee decided to maintain the federal funds rate target range at 3.5%-3.75%. In considering the magnitude and timing of any future adjustments to this target range, the Committee will carefully assess the latest data, changes in the outlook, and the balance of risks. The Committee remains steadfast in its commitment to supporting full employment and returning inflation to the 2% target.

When assessing the appropriate stance of monetary policy, the Committee will continue to focus on how newly acquired information affects the economic outlook. Should there be risks that may hinder the achievement of the Committee's goals, the Committee is prepared to adjust the monetary policy stance as necessary. The Committee's assessment will take into account a broad range of information, including conditions in the labor market, inflationary pressures and inflation expectations, as well as developments in financial and international conditions.

The members who voted in favor of this monetary policy action include: Jerome H. Powell, Chairman; John C. Williams, Vice Chairman; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Philip N. Jefferson; Anna Paulson; Christopher J. Waller.

The members who opposed this action include: Stephen I. Miran, who preferred to reduce the federal funds rate target range by 0.25 percentage points at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the federal funds rate target range unchanged, but did not support adding easing language to the current statement.

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