- Target rate now 4.25-4.50%
- Prior target rate 3.75-4.00%
- Vote was unanimous
- The prior guidance said: "The Committee anticipates that ongoing increases in the target range will be appropriate" and that was repeated.
- Recent indicators point to modest growth in spending and production, unchanged from prior statement
- Job gains have been robust in recent months, and the unemployment rate has remained low.
- Inflation remains elevated
- Repeats that the Committee is highly attentive to inflation risks
- On the Ukraine war, says "events are contributing to upward pressure on inflation " vs "events are creating additional upward pressure on inflation"
The statement doesn't say much and doesn't change much. The market is focused on the changes in the dot plot showing Fed funds finishing 2023 above 5%.