April 29, 2026
March 18, 2026
Jerome H. Powell
April 29, 2026 FOMC Statement
FOMC statement
Federal Reserve issues FOMC statement
For release at 2:00 p.m. EDT
Available Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, on average, and the unemployment rate has been little changed in recent months. Inflation remains somewhat elevated. is elevated, in part reflecting the recent increase in global energy prices.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The implications of developments Developments in the Middle East for the U.S. economy are uncertain. contributing to a high level of uncertainty about the economic outlook. The Committee is attentive to the risks to both sides of its dual mandate.
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly committed to supporting maximum employment and 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; Beth M. Hammack; Philip N. Jefferson; Neel Kashkari; Lorie K. Logan; Anna Paulson; and Christopher J. Waller. Voting against this action was were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting. meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time.
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Implementation Note issued March 18, April 29, 2026
Our summary
What changed
- The FOMC maintained the federal funds rate target range at 3-1/2 to 3-3/4 percent, unchanged from the previous meeting.
- The description of inflation was updated to note it is elevated, partly due to recent increases in global energy prices.
- The statement now attributes high uncertainty about the economic outlook specifically to developments in the Middle East, rather than leaving it general.
- The vote was not unanimous: Stephen Miran dissented favoring a rate cut, while Beth Hammack, Neel Kashkari, and Lorie Logan dissented against including an easing bias in the statement.
Implications
The updated language suggests the FOMC sees energy-driven inflation as a key factor, potentially delaying rate cuts until price pressures subside.
The dissents indicate internal disagreement over the policy stance, with some members opposing an easing bias, which may signal a more hawkish tilt in future decisions.
Summary generated automatically from the statements. Not investment advice.
Implementation Note
The settings that put the decision into effect: the interest rate paid on reserves, the FOMC's instructions to the New York Fed's trading desk, and the discount rate. Changes are marked the same way as in the statement.
- The Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on reserve balances at 3.65 percent, effective
March 19,April 30, 2026. - As part of its policy decision, the Federal Open Market Committee voted to direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive: "Effective
March 19,April 30, 2026, the Federal Open Market Committee directs the Desk to: - Undertake open market operations as necessary to maintain the federal funds rate in a target range of 3-1/2 to 3-3/4 percent.
- Conduct standing overnight repurchase agreement operations at a rate of 3.75 percent.
- Conduct standing overnight reverse repurchase agreement operations at an offering rate of 3.5 percent and with a per-counterparty limit of $160 billion per day.
- Increase the System Open Market Account holdings of securities through purchases of Treasury bills and, if needed, other Treasury securities with remaining maturities of 3 years or less to maintain an ample level of reserves.
- Roll over at auction all principal payments from the Federal Reserve's holdings of Treasury securities. Reinvest all principal payments from the Federal Reserve's holdings of agency securities into Treasury bills."
- In a related action, the Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 3.75 percent.
Press conference
April 29, 2026, 2:30 p.m. ET · Read the transcript
What Powell said that the statement didn't
- Powell said the unemployment rate was 4.3 percent in March, a figure not in the statement.
- He attributed part of the slowdown in job growth to lower immigration and labor force participation, alongside softened labor demand.
- Powell cited total PCE inflation at 3.5 percent and core PCE at 3.2 percent over the 12 months ending in March, attributing core inflation largely to tariff effects on goods prices.
- He noted that three FOMC members dissented over the statement's language, though all agreed with the rate decision, and that support for shifting to a more neutral stance had increased since March.
- Powell stated this was his last press conference as Chair, announced he would remain as a Governor after his term ends on May 15, and cited ongoing legal attacks on the Fed as his reason for staying.
Summary generated automatically from the transcript and the statement.