Monetary Policy Reports

The Federal Reserve Board's semiannual report to Congress, with what changed from one report to the next.

2026

• July 10, 2026 · Chair Warsh
  The report now describes inflation as elevated and rising, with PCE inflation up sharply, rather than moderating.

2025

• June 20, 2025 · Chair Powell
  The report now describes inflation as 'somewhat elevated' and the labor market as 'solid', while noting a pause in GDP growth.
• February 7, 2025 · Chair Powell
  The report now describes inflation as 'somewhat above' the 2 percent objective and highlights uneven progress, while noting the labor market has stabilized.

2024

• July 5, 2024 · Chair Powell
  The report now describes inflation easing only modestly this year, with firmer first-quarter core prices and higher energy costs, while labor market tightness has eased.
• March 1, 2024 · Chair Powell
  The report now describes inflation as having eased substantially, with disinflation occurring without a significant rise in unemployment.

2023

• June 16, 2023 · Chair Powell
  The report now describes inflation as having moderated, with a lower PCE rate, and the labor market as very tight with slower job gains.
• March 3, 2023 · Chair Powell
  The report now describes a more subdued economy, with GDP growth downgraded and inflation easing, while the FOMC has raised rates by 3 percentage points and reduced securities holdings.

2022

• June 17, 2022 · Chair Powell
  The report now describes a marked tightening of monetary policy, with the FOMC raising rates and reducing its balance sheet, and notes significantly higher inflation and tighter financial conditions.
• February 25, 2022 · Chair Powell
  The report now describes significantly higher inflation, with PCE at 5.

2021

• July 9, 2021 · Chair Powell
  The report now describes notable inflation and substantial labor market improvement, with GDP recovered to its pre-pandemic level.
• February 19, 2021 · Chair Powell
  The report now describes a slowing labor market recovery, improved financial conditions, and a less dramatic global slowdown.

2020

• June 12, 2020 · Chair Powell
  The June 2020 report describes a sharp pandemic-driven contraction, with record unemployment and a historic GDP decline, replacing earlier growth assessments.
• February 7, 2020 · Chair Powell
  The report now describes a stronger labor market, with unemployment at 3.

2019

• July 5, 2019 · Chair Powell
  The report now describes inflation as running below the 2 percent objective and notes a shift in FOMC communications toward acting as appropriate to sustain the expansion, with market expectations implying a likely rate cut.
• February 22, 2019 · Chair Powell
  The report now emphasizes the FOMC's patience in future rate adjustments, a shift from further gradual increases, and notes financial conditions have become less supportive.

2018

• July 13, 2018 · Chair Powell
  The report now describes stronger growth and inflation, with core inflation at 2 percent and GDP projections raised, while the FOMC's expected rate path has shifted up.
• February 23, 2018 · Chair Powell
  The report now describes stronger labor market conditions, with lower unemployment and faster payroll gains, and notes a rise in headline inflation but a larger decline in core inflation.

2017

• July 7, 2017 · Chair Yellen
  The report now describes slower first-quarter growth, inflation briefly hitting 2 percent before falling back, and lower market-based inflation compensation.
• February 14, 2017 · Chair Yellen
  The report now describes stronger labor market conditions, higher inflation, and more supportive financial conditions since mid-2016.

2016

• June 21, 2016 · Chair Yellen
• February 10, 2016 · Chair Yellen
  The report now describes weaker inflation and financial conditions, with the FOMC having raised rates in December and expecting gradual increases.

2015

• July 15, 2015 · Chair Yellen
  The report now replaces 'patient' guidance with a conditional liftoff, anticipates a 2015 rate increase, and notes lower projected rate paths.
• February 24, 2015 · Chair Yellen
  The report now describes stronger labor market conditions and lower inflation, with market-based inflation compensation declining and oil prices slowing price gains.

2014

• July 15, 2014 · Chair Yellen
  The report now describes stronger labor market improvement, higher inflation, and a shift from unemployment thresholds to qualitative guidance.
• February 11, 2014 · Chair Yellen
  The report now describes the FOMC's tapering of asset purchases and enhanced forward guidance, while emphasizing very low inflation and improved economic activity.

2013

• July 17, 2013 · Chair Bernanke
  The report now describes stronger labor market gains, diminished downside risks, and a shift in financial conditions, with higher long-term rates and volatility.
• February 26, 2013 · Chair Bernanke
  The report now describes improved labor market conditions and subdued inflation, with financial conditions easing due to FOMC accommodation and better European sentiment.

2012

• July 17, 2012 · Chair Bernanke
  The report now describes weaker labor market conditions, with slower payroll gains and elevated unemployment, and lower inflation.
• February 29, 2012 · Chair Bernanke
  The report now describes improved labor market conditions, with unemployment falling to 8-1/4 percent and stronger payroll gains, while highlighting an intensified European fiscal crisis and elevated financial stress.

2011

• July 13, 2011 · Chair Bernanke
  The report now describes slower employment gains, a more cautious view of financial conditions, and increased downside risks to growth.
• March 1, 2011 · Chair Bernanke
  The report now describes a sustained but modest recovery with above-trend GDP growth, improved labor market conditions, and stable inflation expectations, while noting greater uncertainty.

2010

• July 21, 2010 · Chair Bernanke
  The report now describes economic activity expanding moderately, with lower inflation and weaker growth projections than in February.
• February 24, 2010 · Chair Bernanke
  The report now describes a broad recovery in financial markets, with improved conditions and tighter credit, and notes a rebound in trade flows.

2009

• July 21, 2009 · Chair Bernanke
  The report now describes easing financial conditions and a diminishing pace of job loss, while noting a sharp global decline.
• February 24, 2009 · Chair Bernanke
  The report now describes a marked economic weakening and labor market deterioration, with inflation turning negative.

2008

• July 15, 2008 · Chair Bernanke
  The report now describes a weaker labor market, elevated inflation, and deteriorating financial conditions, while noting the Federal Reserve's emergency actions to support Bear Stearns and Fannie Mae and Freddie Mac.
• February 27, 2008 · Chair Bernanke
  The report now describes a weakened labor market, higher inflation, and severe financial market strains, including tighter credit and reduced risk appetite.

2007

• July 18, 2007 · Chair Bernanke
  The report now describes slower job gains and a deeper negative personal saving rate, while highlighting subprime mortgage risks and financial market turmoil.
• February 14, 2007 · Chair Bernanke
  The report now describes core inflation as easing but still high, with long-term expectations well anchored, while highlighting subprime mortgage delinquencies and record household debt.

2006

• July 19, 2006 · Chair Bernanke
  The report now describes tighter financial conditions, with higher long-term rates and mortgage costs, and notes a slowing in housing activity.
• February 15, 2006 · Chair Bernanke
  The report now shows lower core inflation, slightly higher growth projections, and a tighter labor market accruing through 2005.

2005

• July 20, 2005 · Chair Greenspan
  The report now describes higher core inflation and unit labor costs, with lower unemployment projections and a narrowing budget deficit.
• February 16, 2005 · Chair Greenspan
  The report now describes 2004 as a year of continued expansion with appreciable employment gains, while core inflation remained well contained despite energy price increases.

2004

• July 20, 2004 · Chair Greenspan
  The report now describes a well-established expansion with strong payroll gains, while noting core inflation has moved up from exceptionally low levels.
• February 11, 2004 · Chair Greenspan
  The report now describes a stronger economy, with growth accelerating in late 2003, payroll gains, and lower projected unemployment.

2003

• July 15, 2003 · Chair Greenspan
  The report now describes the economy as growing below capacity with widening slack, and underlying inflation as having declined further.
• February 11, 2003 · Chair Greenspan
  The report now describes renewed labor market weakness and new oil supply concerns from Venezuela.

2002

• July 16, 2002 · Chair Greenspan
  The report now projects stronger 2002 GDP growth and expects the economy to reduce underutilized resources, while noting the FOMC shifted to balanced risks.
• February 27, 2002 · Chair Greenspan
  The report now expects slightly higher consumer price inflation in 2002, while emphasizing last year's decline driven by energy prices.

2001

• July 18, 2001 · Chair Greenspan
  The report now describes weaker labor markets and lower growth projections, with unemployment expected to rise.
• February 13, 2001 · Chair Greenspan
  The report now describes a marked easing in financial conditions, with lower long-term yields and falling equity prices, and highlights growing concerns about credit risk.

2000

• July 20, 2000 · Chair Greenspan
  The report now describes stronger U.
• February 17, 2000 · Chair Greenspan
  The report now describes a tighter labor market and mounting inflation risks, while noting stronger foreign recoveries and a larger current account deficit.

1999

• July 22, 1999 · Chair Greenspan
  The report now projects stronger growth and lower unemployment, while acknowledging higher inflation from rising oil and commodity prices.
• February 23, 1999 · Chair Greenspan
  The report now describes improved inflation prospects, stronger GDP growth projections, and stable unemployment, while highlighting a sharp deterioration in net exports and a widening trade deficit.

1998

• July 21, 1998 · Chair Greenspan
  The report now describes subdued inflation and a tight labor market, but sees greater inflation risks ahead.
• February 24, 1998 · Chair Greenspan
  The report now describes stronger output and employment growth, with inflation slowing from already reduced rates.

1997

• July 22, 1997 · Chair Greenspan
  The report now describes a slight policy tightening in late March, with the expected federal funds rate rising to around 5-1/2 percent, and a steady posture thereafter.
• February 26, 1997 · Chair Greenspan
  The report now describes a shift toward restraint, with the FOMC's mid-1996 bias noted, and highlights a tighter labor market with lower unemployment and rising wages.

1996

• July 18, 1996 · Chair Greenspan