FOMC Introductory Statement September 18 2024

In this Federal Open Market Committee (FOMC) press briefing, the speaker emphasizes the Federal Reserve's dual mandate to achieve maximum employment and stable prices. The U.S. economy is highlighted as strong, with notable progress in the labor market and a substantial reduction in inflation from a peak of 7% to 2.2%. Reflecting confidence in sustained economic strength and manageable inflation, the FOMC has decided to lower the policy interest rate by half a percentage point. Additionally, the summary reviews recent economic developments, projecting steady GDP growth and moderated labor market conditions. The Fed's actions, based on incoming data and rigorous risk assessments, aim to balance economic activity with inflation targets to support long-term goals of stability and prosperity for all Americans.