NATIONAL NEWS

Text of the policy statement the Federal Reserve released Wednesday

Dec 13, 2023, 11:21 AM

WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended:

Recent indicators suggest that growth of economic activity has slowed from its strong pace in the third quarter. Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated.

The U.S. banking system is sound and resilient. Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy.

In determining the extent of any additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to 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; Lisa D. Cook; Austan D. Goolsbee; Patrick Harker; Philip N. Jefferson; Neel Kashkari; Adriana D. Kugler; Lorie K. Logan; and Christopher J. Waller.

National News

Associated Press

Widespread power outages from deadly Houston storm raise new risk: hot weather

HOUSTON (AP) — As the Houston area works to clean up and restore power to thousands after deadly storms, it will do so Saturday under a smog warning and as all of southern Texas starts to feel the heat. The National Weather Service in Houston warned that with temperatures hitting around 90 degrees (32.2 C) […]

7 hours ago

Associated Press

Man shoots his 6-month-old baby multiple times at home near Phoenix, but child expected to survive

SURPRISE, Ariz. (AP) — A man shot his 6-month-old baby multiple times Friday at a home northwest of Phoenix after taking the infant and its mother captive, but the mother escaped with minor injuries and the child was expected to survive, authorities said. They said the status of the suspect remained unknown after a fire […]

10 hours ago

Associated Press

Missouri candidate with ties to the KKK can stay on the Republican ballot, judge rules

JEFFERSON CITY, Mo. (AP) — A longshot Missouri gubernatorial candidat e with ties to the Ku Klux Klan will stay on the Republican ticket, a judge ruled Friday. Cole County Circuit Court Judge Cotton Walker denied a request by the Missouri GOP to kick Darrell McClanahan out of the August Republican primary. McClanahan is running […]

11 hours ago

Associated Press

UN experts say South Sudan is close to securing a $13 billion oil-backed loan from a UAE company

UNITED NATIONS (AP) — U.N. experts say South Sudan is close to securing a $13 billion loan from a company in the United Arab Emirates, despite the oil-rich country’s difficulties in managing debts backed by its oil reserves. The panel of experts said in a report to the U.N. Security Council that loan documents it […]

12 hours ago

Associated Press

A murderous romance or frame job? Things to know about Boston’s Karen Read murder trial

BOSTON (AP) — A highly anticipated trial in Massachusetts involving a woman accused of striking her Boston police officer boyfriend with her SUV and leaving him for dead in a snowbank is finishing its third week on Friday. The case has garnered national attention because the defense alleges that state and local law enforcement officials […]

12 hours ago

Associated Press

US security alert warns Americans overseas of potential attacks on LGBTQ events

WASHINGTON (AP) — The State Department renewed a global security warning Friday for Americans overseas, adding to it that LGBTQ people and events in particular face an “increased potential for foreign terrorist organization-inspired violence.” The alert is a standard renewal of travel advice telling Americans to exercise increased caution against possible attacks by violent extremist […]

13 hours ago

Text of the policy statement the Federal Reserve released Wednesday