Historical FOMC Statements

The Federal Open Market Committee, which sets US monetary policy including the target range for the federal funds rate (what banks charge each other overnight), holds eight scheduled meetings a year, about six weeks apart, most of them over two days. It announces its decision in a statement at 2:00 p.m. Eastern at the end of each meeting, and occasionally in a statement between meetings. Each meeting below links to its statement with every change from the previous statement marked.

2026

• September 15–16, 2026
  Target range 3.75–4.00% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.88
  The FOMC raised the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent, after previously maintaining it at 3-1/2 to 3-3/4 percent.
• July 28–29, 2026
  Target range 3.50–3.75% unchanged · Dissents: Hammack ↑, Kashkari ↑, Logan ↑ · Tone: Balanced +0.18
  The vote shifted from a unanimous 12–0 to a split 9–3, with three members dissenting.
• June 16–17, 2026
  Target range 3.50–3.75% unchanged · Tone: Balanced +0.25
  The FOMC maintained the federal funds rate target range at 3-1/2 to 3-3/4 percent, reaffirming its dual mandate and ample reserves policy.
• April 28–29, 2026
  Target range 3.50–3.75% unchanged · Dissents: Hammack, Kashkari, Logan, Miran ↓ · Tone: Balanced +0.19
  The FOMC maintained the federal funds rate target range at 3-1/2 to 3-3/4 percent, unchanged from the previous meeting.
• March 17–18, 2026
  Target range 3.50–3.75% unchanged · Dissents: Miran ↓ · Tone: Balanced +0.04
  The unemployment rate description changed from 'shown some signs of stabilization' to 'been little changed in recent months'.
• January 27–28, 2026
  Target range 3.50–3.75% unchanged · Dissents: Miran ↓, Waller ↓ · Tone: Balanced +0.05
  The FOMC held the federal funds rate at 3-1/2 to 3-3/4 percent, after cutting by 1/4 point in December.

2025

• December 9–10, 2025
  Target range 3.50–3.75% ▼ cut 0.25 pp · Dissents: Goolsbee ↑, Miran ↓, Schmid ↑ · Tone: Leaning dovish -0.74
  The FOMC lowered the federal funds rate target range by 1/4 percentage point to 3-1/2 to 3-3/4 percent.
• October 28–29, 2025
  Target range 3.75–4.00% ▼ cut 0.25 pp · Dissents: Miran ↓, Schmid ↑ · Tone: Leaning dovish -0.66
  The FOMC lowered the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent, a further cut from the previous range.
• September 16–17, 2025
  Target range 4.00–4.25% ▼ cut 0.25 pp · Dissents: Miran ↓ · Tone: Leaning dovish -0.69
  The FOMC lowered the federal funds rate target range by 1/4 percentage point to 4 to 4-1/4 percent, citing a shift in the balance of risks.
• July 29–30, 2025
  Target range 4.25–4.50% unchanged · Dissents: Bowman ↓, Waller ↓ · Tone: Balanced +0.19
  The FOMC revised its economic assessment, noting that growth of economic activity moderated in the first half of the year, whereas the previous statement said activity continued to expand at a solid pace.
• June 17–18, 2025
  Target range 4.25–4.50% unchanged · Tone: Balanced +0.25
  The FOMC maintained the federal funds rate target range at 4-1/4 to 4-1/2 percent, with no change to balance sheet reduction plans.
• May 6–7, 2025
  Target range 4.25–4.50% unchanged · Tone: Balanced +0.11
  The FOMC removed the April plan to slow balance sheet runoff by cutting the Treasury redemption cap from $25 billion to $5 billion, leaving the reduction language out of the current statement.
• March 18–19, 2025
  Target range 4.25–4.50% unchanged · Dissents: Waller · Tone: Balanced +0.16
  The FOMC maintained the federal funds rate target range at 4-1/4 to 4-1/2 percent, unchanged from January.
• January 28–29, 2025
  Target range 4.25–4.50% unchanged · Tone: Balanced +0.21
  The FOMC decided to maintain the federal funds rate target range at 4-1/4 to 4-1/2 percent, rather than lowering it by 1/4 percentage point as in December.

2024

• December 17–18, 2024
  Target range 4.25–4.50% ▼ cut 0.25 pp · Dissents: Hammack ↑ · Tone: Leaning dovish -0.51
  The FOMC lowered the target range for the federal funds rate by 1/4 percentage point to 4-1/4 to 4-1/2 percent.
• November 6–7, 2024
  Target range 4.50–4.75% ▼ cut 0.25 pp · Tone: Leaning dovish -0.53
  The FOMC lowered the federal funds rate by 1/4 percentage point to 4-1/2 to 4-3/4 percent, a smaller cut than the previous 1/2 point reduction.
• September 17–18, 2024
  Target range 4.75–5.00% ▼ cut 0.50 pp · Dissents: Bowman ↑ · Tone: Leaning dovish -0.65
  The FOMC lowered the federal funds rate target range by 1/2 percentage point to 4-3/4 to 5 percent, a shift from the previous hold.
• July 30–31, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.47
  The FOMC noted that job gains have moderated and the unemployment rate has moved up but remains low, a shift from describing job gains as strong and unemployment as low.
• June 11–12, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.55
  The FOMC upgraded its inflation assessment, noting 'modest further progress' toward the 2 percent objective, replacing the prior language of 'a lack of further progress.'
• April 30–May 1, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.55
  The FOMC noted a lack of further progress toward its 2 percent inflation objective in recent months.
• March 19–20, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.53
  The FOMC updated its characterization of the labor market, noting that job gains have remained strong, removing the previous qualifier that gains had moderated since early last year.
• January 30–31, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.54
  The FOMC upgraded its description of economic activity from 'slowed from its strong pace' to 'expanding at a solid pace.'

2023

• December 12–13, 2023
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.51
  The FOMC noted that economic activity growth has slowed from its strong third-quarter pace, whereas the previous statement described strong expansion.
• October 31–November 1, 2023
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.64
  Upgraded the description of economic activity from 'expanding at a solid pace' to 'expanded at a strong pace in the third quarter'.
• September 19–20, 2023
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.64
  The FOMC decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent, instead of raising it.
• July 25–26, 2023
  Target range 5.25–5.50% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.81
  The FOMC raised the target range for the federal funds rate to 5-1/4 to 5-1/2 percent, from 5 to 5-1/4 percent.
• June 13–14, 2023
  Target range 5.00–5.25% unchanged · Tone: Leaning hawkish +0.54
  The FOMC decided to maintain the target range for the federal funds rate at 5 to 5-1/4 percent, instead of raising it.
• May 2–3, 2023
  Target range 5.00–5.25% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.79
  Raised the federal funds rate target range to 5 to 5-1/4 percent, up from 4-3/4 to 5 percent.
• March 21–22, 2023
  Target range 4.75–5.00% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.87
  Raised the federal funds rate target range to 4-3/4 to 5 percent, up from 4-1/2 to 4-3/4 percent.
• January 31–February 1, 2023
  Target range 4.50–4.75% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.94
  Raised the federal funds rate target range by 25 basis points to 4-1/2 to 4-3/4 percent.

2022

• December 13–14, 2022
  Target range 4.25–4.50% ▲ raised 0.50 pp · Tone: Clearly hawkish +0.97
  Raised the federal funds rate target range from 3-3/4 to 4 percent to 4-1/4 to 4-1/2 percent.
• November 1–2, 2022
  Target range 3.75–4.00% ▲ raised 0.75 pp · Tone: Clearly hawkish +0.98
  Raised the federal funds target range to 3-3/4 to 4 percent, up from 3 to 3-1/4 percent.
• September 20–21, 2022
  Target range 3.00–3.25% ▲ raised 0.75 pp · Tone: Clearly hawkish +0.95
  The FOMC raised the target range for the federal funds rate to 3 to 3-1/4 percent, up from 2-1/4 to 2-1/2 percent.
• July 26–27, 2022
  Target range 2.25–2.50% ▲ raised 0.75 pp · Tone: Clearly hawkish +0.93
  Raised the federal funds rate target range to 2-1/4 to 2-1/2 percent, up from 1-1/2 to 1-3/4 percent.
• June 14–15, 2022
  Target range 1.50–1.75% ▲ raised 0.75 pp · Dissents: George · Tone: Clearly hawkish +0.91
  Raised the federal funds rate target range to 1-1/2 to 1-3/4 percent, a 75 basis point increase from the previous range.
• May 3–4, 2022
  Target range 0.75–1.00% ▲ raised 0.50 pp · Tone: Clearly hawkish +0.89
  Raised the federal funds rate target range from 1/4 to 1/2 percent to 3/4 to 1 percent.
• March 15–16, 2022
  Target range 0.25–0.50% ▲ raised 0.25 pp · Dissents: Bullard ↑ · Tone: Clearly hawkish +0.79
  Raised the federal funds rate target range to 1/4 to 1/2 percent, up from 0 to 1/4 percent, and signaled ongoing increases will be appropriate.
• January 25–26, 2022
  Target range 0.00–0.25% unchanged · Tone: Leaning hawkish +0.50
  The FOMC removed the opening sentence about using all tools to support the economy, signaling a shift from crisis mode.

2021

• December 14–15, 2021
  Target range 0.00–0.25% unchanged · Tone: Balanced -0.06
  The FOMC doubled the pace of tapering, reducing net asset purchases by $20 billion for Treasury securities and $10 billion for agency mortgage-backed securities, with January purchases set at $40 billion and $20 billion respectively.
• November 2–3, 2021
  Target range 0.00–0.25% unchanged · Tone: Balanced -0.24
  The FOMC announced it will begin reducing the monthly pace of net asset purchases, by $10 billion for Treasury securities and $5 billion for agency mortgage-backed securities, starting later this month.
• September 21–22, 2021
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.49
  The statement now notes that the pandemic-affected sectors have improved recently but that the rise in COVID-19 cases has slowed their recovery, replacing the previous language that they had shown improvement but not fully recovered.
• July 27–28, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.82
  Upgraded the labor market language, noting activity and employment 'continued to strengthen' and that pandemic-affected sectors 'have shown improvement but have not fully recovered.'
• June 15–16, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.93
  The FOMC noted that progress on vaccinations has reduced the spread of COVID-19 in the United States, replacing the previous reference to the ongoing public health crisis weighing on the economy.
• April 27–28, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.94
  The FOMC upgraded its assessment of economic activity and employment, noting they have strengthened amid vaccination progress and policy support.
• March 16–17, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The FOMC upgraded its economic assessment, noting that indicators of economic activity and employment have turned up recently after a moderation in the recovery pace, while the most affected sectors remain weak.
• January 26–27, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The FOMC noted that the pace of recovery in economic activity and employment has moderated in recent months, with weakness concentrated in pandemic-affected sectors.

2020

• December 15–16, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -1.00
  The FOMC kept the federal funds rate target range at 0 to 1/4 percent, unchanged from the previous statement.
• November 4–5, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The FOMC updated its economic assessment, noting that activity and employment have continued to recover, though still below pre-pandemic levels, and that oil price declines are now described as 'earlier' rather than 'significantly lower.'
• September 15–16, 2020
  Target range 0.00–0.25% unchanged · Dissents: Kaplan, Kashkari · Tone: Clearly dovish -1.00
  The FOMC adopted a new policy framework aiming for inflation moderately above 2 percent for some time to average 2 percent over time, replacing the prior symmetric 2 percent objective.
• July 28–29, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The FOMC noted that economic activity and employment have picked up somewhat in recent months but remain well below pre-pandemic levels.
• June 9–10, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The statement now says the virus and protective measures 'have induced' sharp declines in activity and job losses, shifting from 'are inducing' to a past-tense description.
• April 28–29, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -1.00
  The FOMC maintained the target range for the federal funds rate at 0 to 1/4 percent, adding forward guidance that it expects to keep rates there until confident the economy has recovered.
• March 23, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The FOMC removed all economic and inflation outlook language, including references to the coronavirus, labor market, and inflation measures.
• March 15, 2020
  Target range 0.00–0.25% ▼ cut 1.00 pp · Dissents: Mester ↑ · Tone: Clearly dovish -1.00
  Cut the federal funds rate target range by a full percentage point to 0 to 1/4 percent, from 1 to 1-1/4 percent.
• March 2, 2020
  Target range 1.00–1.25% ▼ cut 0.50 pp · Tone: Clearly dovish -0.98
  Cut the federal funds rate by 1/2 percentage point to 1 to 1-1/4 percent, after holding it at 1-1/2 to 1-3/4 percent.
• January 28–29, 2020
  Target range 1.50–1.75% unchanged · Tone: Leaning dovish -0.49
  The FOMC noted that household spending has slowed from a strong pace to a moderate pace since the December meeting.

2019

• December 10–11, 2019
  Target range 1.50–1.75% unchanged · Tone: Leaning dovish -0.49
  The FOMC decided to maintain the target range for the federal funds rate at 1-1/2 to 1-3/4 percent, rather than lowering it as in October.
• October 29–30, 2019
  Target range 1.50–1.75% ▼ cut 0.25 pp · Dissents: George ↑, Rosengren ↑ · Tone: Clearly dovish -0.91
  The FOMC lowered the target range for the federal funds rate by 25 basis points to 1-1/2 to 1-3/4 percent.
• September 17–18, 2019
  Target range 1.75–2.00% ▼ cut 0.25 pp · Dissents: Bullard ↓, George ↑, Rosengren ↑ · Tone: Clearly dovish -0.90
  The FOMC lowered the federal funds rate target range by 25 basis points to 1-3/4 to 2 percent.
• July 30–31, 2019
  Target range 2.00–2.25% ▼ cut 0.25 pp · Dissents: George ↑, Rosengren ↑ · Tone: Clearly dovish -0.92
  The FOMC lowered the federal funds rate target range from 2-1/4 to 2-1/2 percent to 2 to 2-1/4 percent, the first cut since 2008.
• June 18–19, 2019
  Target range 2.25–2.50% unchanged · Dissents: Bullard ↓ · Tone: Leaning dovish -0.53
  The FOMC upgraded its description of economic activity from 'solid rate' to 'moderate rate' and noted household spending picked up while business fixed investment has been soft.
• April 30–May 1, 2019
  Target range 2.25–2.50% unchanged · Tone: Leaning dovish -0.54
  The FOMC upgraded its assessment of economic activity from 'slowed from its solid rate' to 'rose at a solid rate.'
• March 19–20, 2019
  Target range 2.25–2.50% unchanged · Tone: Leaning dovish -0.56
  The FOMC noted that economic activity growth has slowed from its solid fourth-quarter pace, with household spending and business fixed investment growing more slowly in the first quarter.
• January 29–30, 2019
  Target range 2.25–2.50% unchanged · Tone: Leaning dovish -0.49
  The FOMC held the federal funds rate at 2-1/4 to 2-1/2 percent, instead of raising it as in December.

2018

• December 18–19, 2018
  Target range 2.25–2.50% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.51
  The FOMC raised the target range for the federal funds rate to 2-1/4 to 2-1/2 percent, from 2 to 2-1/4 percent.
• November 7–8, 2018
  Target range 2.00–2.25% unchanged · Tone: Balanced +0.19
  The FOMC decided to maintain the target range for the federal funds rate at 2 to 2-1/4 percent, after raising it in September.
• September 25–26, 2018
  Target range 2.00–2.25% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.52
  The FOMC raised the target range for the federal funds rate to 2 to 2-1/4 percent, from 1-3/4 to 2 percent.
• July 31–August 1, 2018
  Target range 1.75–2.00% unchanged · Tone: Balanced +0.17
  The FOMC decided to maintain the target range for the federal funds rate at 1-3/4 to 2 percent, rather than raising it as in June.
• June 12–13, 2018
  Target range 1.75–2.00% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.44
  The FOMC raised the target range for the federal funds rate to 1-3/4 to 2 percent, from 1-1/2 to 1-3/4 percent.
• May 1–2, 2018
  Target range 1.50–1.75% unchanged · Tone: Leaning hawkish +0.25
  The FOMC decided to maintain the target range for the federal funds rate at 1-1/2 to 1-3/4 percent, after raising it in March.
• March 20–21, 2018
  Target range 1.50–1.75% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.35
  The FOMC raised the target range for the federal funds rate to 1-1/2 to 1-3/4 percent, from 1-1/4 to 1-1/2 percent.
• January 30–31, 2018
  Target range 1.25–1.50% unchanged · Tone: Balanced +0.05
  The FOMC decided to maintain the federal funds rate target range at 1-1/4 to 1-1/2 percent, after raising it in December.

2017

• December 12–13, 2017
  Target range 1.25–1.50% ▲ raised 0.25 pp · Dissents: Evans ↓, Kashkari ↓ · Tone: Balanced +0.20
  Raised the target range for the federal funds rate to 1-1/4 to 1-1/2 percent, from 1 to 1-1/4 percent.
• October 31–November 1, 2017
  Target range 1.00–1.25% unchanged · Tone: Leaning dovish -0.30
  The FOMC upgraded its description of economic activity from rising moderately to rising at a solid rate, noting the strength occurred despite hurricane-related disruptions.
• September 19–20, 2017
  Target range 1.00–1.25% unchanged · Tone: Balanced -0.16
  The FOMC maintained the target range for the federal funds rate at 1 to 1-1/4 percent, unchanged from the previous statement.
• July 25–26, 2017
  Target range 1.00–1.25% unchanged · Tone: Balanced -0.19
  The FOMC decided to maintain the target range for the federal funds rate at 1 to 1-1/4 percent, rather than raising it as in June.
• June 13–14, 2017
  Target range 1.00–1.25% ▲ raised 0.25 pp · Dissents: Kashkari ↓ · Tone: Balanced +0.13
  Raised the federal funds rate target range to 1 to 1-1/4 percent, from 3/4 to 1 percent.
• May 2–3, 2017
  Target range 0.75–1.00% unchanged · Tone: Leaning dovish -0.30
  The FOMC decided to maintain the target range for the federal funds rate at 3/4 to 1 percent, rather than raising it as in March.
• March 14–15, 2017
  Target range 0.75–1.00% ▲ raised 0.25 pp · Dissents: Kashkari ↓ · Tone: Leaning hawkish +0.25
  Raised the target range for the federal funds rate to 3/4 to 1 percent, from 1/2 to 3/4 percent.
• January 31–February 1, 2017
  Target range 0.50–0.75% unchanged · Tone: Leaning dovish -0.54
  The FOMC decided to maintain the target range for the federal funds rate at 1/2 to 3/4 percent, after raising it in December.

2016

• December 13–14, 2016
  Target range 0.50–0.75% ▲ raised 0.25 pp · Tone: Balanced -0.11
  The FOMC raised the target range for the federal funds rate to 1/2 to 3/4 percent, up from 1/4 to 1/2 percent.
• November 1–2, 2016
  Target range 0.25–0.50% unchanged · Dissents: George ↑, Mester ↑ · Tone: Leaning dovish -0.38
  The FOMC noted that job gains have been solid, dropping the qualifier 'on average' from the previous statement.
• September 20–21, 2016
  Target range 0.25–0.50% unchanged · Dissents: George ↑, Mester ↑, Rosengren ↑ · Tone: Leaning dovish -0.43
  The FOMC upgraded its view of economic activity, stating growth has picked up from the modest pace earlier in the year, and labor market conditions have continued to strengthen.
• July 26–27, 2016
  Target range 0.25–0.50% unchanged · Dissents: George ↑ · Tone: Leaning dovish -0.71
  The FOMC upgraded its assessment of the labor market, noting that it strengthened and that job gains were strong in June, with payrolls and other indicators pointing to increased labor utilization.
• June 14–15, 2016
  Target range 0.25–0.50% unchanged · Tone: Clearly dovish -0.78
  The FOMC noted the labor market improvement pace has slowed, with diminished job gains despite a lower unemployment rate, while economic activity growth appears to have picked up.
• April 26–27, 2016
  Target range 0.25–0.50% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.76
  The FOMC noted that labor market conditions have improved further, while economic growth appears to have slowed, and household spending has moderated despite solid real income gains.
• March 15–16, 2016
  Target range 0.25–0.50% unchanged · Dissents: George ↑ · Tone: Leaning dovish -0.72
  The FOMC noted that economic activity is expanding at a moderate pace despite global and financial developments, a shift from the previous assessment of slowing growth.
• January 26–27, 2016
  Target range 0.25–0.50% unchanged · Tone: Clearly dovish -0.80
  The FOMC held the federal funds rate target range at 1/4 to 1/2 percent, after raising it in December.

2015

• December 15–16, 2015
  Target range 0.25–0.50% ▲ raised 0.25 pp · Tone: Balanced -0.16
  Raised the federal funds rate target range to 1/4 to 1/2 percent, citing considerable improvement in labor market conditions and reasonable confidence in inflation moving to 2 percent.
• October 27–28, 2015
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Leaning dovish -0.50
  Economic activity is described as expanding at a moderate pace, with household spending and business fixed investment increasing at solid rates, a slight upgrade from previous wording.
• September 16–17, 2015
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Leaning dovish -0.58
  The FOMC noted that recent global economic and financial developments may restrain economic activity and put downward pressure on inflation in the near term, adding a new risk factor.
• July 28–29, 2015
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.55
  Updated the economic assessment to reflect data through June, noting moderate expansion in recent months and additional housing improvement.
• June 16–17, 2015
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.57
  The FOMC upgraded its assessment of economic activity, noting moderate expansion after little change in the first quarter, and saw job gains pick up with labor underutilization diminishing somewhat.
• April 28–29, 2015
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.59
  Economic assessment downgraded: growth slowed in winter, job gains moderated, unemployment steady, household spending declined, business investment softened, and exports declined.
• March 17–18, 2015
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.60
  The FOMC downgraded its description of economic activity from 'solid pace' to 'moderated somewhat' and added that export growth has weakened.
• January 27–28, 2015
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.64
  Upgraded the economic activity description from 'moderate' to 'solid' pace and labor market gains from 'solid' to 'strong'.

2014

• December 16–17, 2014
  Target range 0.00–0.25% unchanged · Dissents: Fisher ↑, Kocherlakota ↓, Plosser · Tone: Leaning dovish -0.68
  The FOMC replaced its 'considerable time' forward guidance with language saying it 'can be patient' in beginning to normalize policy, while noting consistency with the prior guidance.
• October 28–29, 2014
  Target range 0.00–0.25% unchanged · Dissents: Kocherlakota ↓ · Tone: Leaning dovish -0.38
  The FOMC decided to conclude its asset purchase program this month, ending the tapering that had been reducing purchases since earlier in the year.
• September 16–17, 2014
  Target range 0.00–0.25% unchanged · Dissents: Fisher ↑, Plosser ↑ · Tone: Leaning dovish -0.67
  The FOMC reduced its monthly asset purchases: agency mortgage-backed securities to $5 billion and longer-term Treasury securities to $10 billion, effective in October.
• July 29–30, 2014
  Target range 0.00–0.25% unchanged · Dissents: Plosser ↑ · Tone: Leaning dovish -0.60
  The FOMC reduced its monthly asset purchases starting in August: agency MBS to $10 billion and Treasury securities to $15 billion, down from $15 billion and $20 billion respectively.
• June 17–18, 2014
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.64
  The FOMC trimmed its monthly asset purchases beginning in July: MBS purchases will drop from $20 billion to $15 billion, and Treasury purchases from $25 billion to $20 billion.
• April 29–30, 2014
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.62
  The FOMC noted that economic growth has picked up recently after slowing sharply in the winter, and that business fixed investment edged down instead of continuing to advance.
• March 18–19, 2014
  Target range 0.00–0.25% unchanged · Dissents: Kocherlakota · Tone: Leaning dovish -0.58
  The FOMC reduced monthly asset purchases starting in April: agency MBS to $25 billion from $30 billion, and Treasury securities to $30 billion from $35 billion.
• January 28–29, 2014
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.50
  The FOMC reduced its monthly asset purchases starting in February: agency MBS to $30 billion and Treasury securities to $35 billion, down from $35 billion and $40 billion, respectively.

2013

• December 17–18, 2013
  Target range 0.00–0.25% unchanged · Dissents: Rosengren ↓ · Tone: Leaning dovish -0.55
  The FOMC decided to modestly reduce the pace of asset purchases, beginning in January: MBS purchases will drop from $40 billion to $35 billion per month, and Treasury purchases from $45 billion to $40 billion per month.
• October 29–30, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.92
  The FOMC noted that the housing sector recovery slowed somewhat in recent months, a change from the previous assessment of strengthening.
• September 17–18, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.89
  The FOMC upgraded its assessment of economic activity from 'modest pace' to 'moderate pace' and noted that only 'some indicators' of labor market conditions have improved.
• July 30–31, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.96
  The FOMC revised its description of economic activity from 'expanding at a moderate pace' to 'expanded at a modest pace during the first half of the year.'
• June 18–19, 2013
  Target range 0.00–0.25% unchanged · Dissents: Bullard, George ↑ · Tone: Clearly dovish -0.97
  The FOMC noted that labor market conditions have shown further improvement, upgrading from 'some improvement' in the previous statement.
• April 30–May 1, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.99
  The FOMC upgraded its economic assessment, noting activity is expanding at a moderate pace rather than returning to growth after a pause.
• March 19–20, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.99
  The FOMC upgraded its assessment of growth, noting a return to moderate expansion after a pause, and saw signs of labor market improvement.
• January 29–30, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.99
  The FOMC now describes economic growth as having paused in recent months due to weather and transitory factors, rather than expanding at a moderate pace.

2012

• December 11–12, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -0.99
  The FOMC added a new program to purchase longer-term Treasury securities at $45 billion per month after the maturity extension program ends, and will resume rolling over maturing Treasury securities at auction in January.
• October 23–24, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -0.99
  The FOMC now says it will 'continue purchasing' rather than 'agreed today to increase' MBS, signaling continuity of the $40 billion monthly pace.
• September 12–13, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -1.00
  The FOMC announced a new program to purchase agency mortgage-backed securities at $40 billion per month, increasing policy accommodation.
• July 31–August 1, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker · Tone: Clearly dovish -0.99
  The FOMC revised its economic assessment, noting activity decelerated somewhat over the first half of the year, with slow employment growth and a still-depressed housing sector.
• June 19–20, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker · Tone: Clearly dovish -0.99
  The FOMC noted that employment growth has slowed and the unemployment rate remains elevated, while household spending is rising at a slower pace.
• April 24–25, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -0.99
  The FOMC noted that labor market conditions have improved in recent months, with the unemployment rate declining but remaining elevated, a slight downgrade from the previous 'notably' decline.
• March 13, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -0.99
  The FOMC upgraded its assessment of labor market conditions, noting further improvement and a notable decline in the unemployment rate, though it remains elevated.
• January 24–25, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker · Tone: Clearly dovish -1.00
  Extended the federal funds rate guidance from at least mid-2013 to at least late 2014.

2011

• December 13, 2011
  Target range 0.00–0.25% unchanged · Dissents: Evans ↓ · Tone: Clearly dovish -0.97
  The FOMC upgraded its assessment of economic growth, noting the economy has been expanding moderately despite some slowing in global growth.
• November 1–2, 2011
  Target range 0.00–0.25% unchanged · Dissents: Evans ↓ · Tone: Clearly dovish -0.97
  Economic growth is now described as having strengthened somewhat in Q3, reversing temporary factors, rather than remaining slow.
• September 20–21, 2011
  Target range 0.00–0.25% unchanged · Dissents: Fisher ↑, Kocherlakota ↑, Plosser ↑ · Tone: Clearly dovish -0.98
  The FOMC announced a maturity extension program, planning to buy $400 billion of longer-dated Treasury securities and sell an equal amount of shorter-dated ones by June 2012.
• August 9, 2011
  Target range 0.00–0.25% unchanged · Dissents: Fisher, Kocherlakota, Plosser · Tone: Clearly dovish -0.96
  The FOMC downgraded its assessment of economic growth, noting it has been considerably slower than expected and that labor market conditions have deteriorated with the unemployment rate moving up.
• June 21–22, 2011
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.76
  The FOMC noted the recovery is proceeding more slowly than expected, citing temporary factors like higher food and energy prices and Japan supply disruptions.
• April 26–27, 2011
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.90
  The FOMC upgraded its economic assessment, noting the recovery is proceeding at a moderate pace, a slight shift from the firmer footing language in March.
• March 15, 2011
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.90
  The FOMC upgraded its economic assessment, noting the recovery is on a firmer footing and labor market conditions are improving gradually, replacing the previous language about insufficient improvement and reluctant employers.
• January 25–26, 2011
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The FOMC noted that the economic recovery remains insufficient to bring about a significant improvement in labor market conditions, a slightly stronger characterization than before.

2010

• December 14, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.99
  The FOMC now describes the recovery as continuing, though insufficient to bring down unemployment, rather than confirming that the pace of recovery remains slow.
• November 2–3, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -1.00
  The FOMC announced it will purchase an additional $600 billion in longer-term Treasury securities by the end of the second quarter of 2011, about $75 billion per month, while maintaining its reinvestment policy.
• September 21, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.99
  The FOMC noted that business spending is rising less rapidly than earlier in the year and that bank lending has contracted at a reduced rate.
• August 10, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.99
  The FOMC noted that the pace of recovery in output and employment has slowed in recent months, a downgrade from the previous assessment of a proceeding recovery.
• June 22–23, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.97
  The statement no longer mentions the reestablishment of temporary U.S. dollar liquidity swap facilities with other central banks, indicating those actions are complete or no longer the focus.
• May 9, 2010
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.70
  The statement is entirely focused on reestablishing temporary U.S. dollar liquidity swap lines with four central banks, authorized through January 2011.
• April 27–28, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.96
  The FOMC upgraded its labor market assessment from 'stabilizing' to 'beginning to improve' and noted household spending growth has picked up recently.
• March 16, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.97
  The FOMC upgraded its labor market assessment from 'deterioration abating' to 'stabilizing' and noted business equipment and software spending has risen significantly.
• January 26–27, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.94
  The FOMC upgraded its economic assessment, noting activity has continued to strengthen and that business spending on equipment and software is picking up, while removing the reference to housing sector improvement.

2009

• December 15–16, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.96
  The FOMC upgraded its assessment of the labor market, noting that the deterioration is abating, and described household spending as expanding at a moderate rate.
• November 3–4, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Economic activity is described as having 'continued to pick up' rather than just 'picked up', and housing sector activity has increased over recent months.
• September 22–23, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Upgraded the economic outlook: activity has 'picked up' rather than 'leveling out,' with housing sector activity increased.
• August 11–12, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Upgraded the economic assessment from 'pace of contraction slowing' to 'activity leveling out' and financial markets from 'generally improved' to 'improved further'.
• June 23–24, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  The FOMC upgraded its economic assessment, saying the pace of contraction is slowing and financial market conditions have generally improved, versus the prior statement's 'somewhat slower' contraction.
• April 28–29, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -1.00
  The FOMC noted the economy continues to contract but at a somewhat slower pace, with household spending showing signs of stabilizing.
• March 17–18, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -1.00
  The FOMC upgraded its economic assessment from 'weakened further' to 'continues to contract,' citing job losses, wealth declines, and tight credit, and removed the expectation of a recovery later this year.
• January 27–28, 2009
  Target range 0.00–0.25% unchanged · Dissents: Lacker · Tone: Clearly dovish -1.00
  Held the federal funds rate target range at 0 to 1/4 percent, shifting from establishing to maintaining it.

2008

• December 15–16, 2008
  Target range 0.00–0.25% ▼ cut 0.88 pp · Tone: Clearly dovish -1.00
  The FOMC replaced the 50-basis-point cut to a 1 percent target with a new target range of 0 to 1/4 percent for the federal funds rate.
• October 28–29, 2008
  Target rate 1.00% ▼ cut 0.50 pp · Tone: Clearly dovish -1.00
  The FOMC lowered the federal funds rate target by 50 basis points to 1 percent, down from 1.5 percent.
• October 7, 2008
  Target rate 1.50% ▼ cut 0.50 pp · Tone: Clearly dovish -0.98
  The FOMC lowered its target for the federal funds rate by 50 basis points to 1-1/2 percent, reversing its previous decision to hold at 2 percent.
• September 16, 2008
  Target rate 2.00% unchanged · Tone: Leaning dovish -0.48
  The FOMC kept the federal funds rate target at 2 percent, the same as the previous meeting.
• August 5, 2008
  Target rate 2.00% unchanged · Dissents: Fisher ↑ · Tone: Balanced -0.22
  The FOMC noted that economic activity expanded in the second quarter, citing growth in consumer spending and exports.
• June 24–25, 2008
  Target rate 2.00% unchanged · Dissents: Fisher ↑ · Tone: Leaning dovish -0.35
  The FOMC held the federal funds rate target at 2 percent, after lowering it 25 basis points in April.
• April 29–30, 2008
  Target rate 2.00% ▼ cut 0.25 pp · Dissents: Fisher ↑, Plosser ↑ · Tone: Clearly dovish -0.91
  The FOMC lowered the federal funds rate by 25 basis points to 2 percent, a smaller cut than the previous 75-basis-point reduction.
• March 18, 2008
  Target rate 2.25% ▼ cut 0.75 pp · Dissents: Fisher ↑, Plosser ↑ · Tone: Clearly dovish -0.78
  The FOMC cut the federal funds rate target by 75 basis points to 2-1/4 percent, a new policy action not present in the previous statement.
• March 10, 2008
  Target rate 3.00% unchanged · Tone: Clearly dovish -0.95
  The March statement omits the January rate cut to 3 percent and the discount rate reduction, focusing instead on liquidity measures.
• January 29–30, 2008
  Target rate 3.00% ▼ cut 0.50 pp · Dissents: Fisher ↑ · Tone: Clearly dovish -0.91
  Cut the federal funds rate by 50 basis points to 3 percent, a smaller reduction than the previous 75-basis-point cut.
• January 21, 2008
  Target rate 3.50% ▼ cut 0.75 pp · Tone: Clearly dovish -0.99
  Cut the federal funds rate by 75 basis points to 3-1/2 percent, a larger reduction than the previous 25-basis-point cut.

2007

• December 11, 2007
  Target rate 4.25% ▼ cut 0.25 pp · Dissents: Rosengren ↓ · Tone: Leaning dovish -0.73
  The FOMC cut the federal funds rate by 25 basis points to 4-1/4 percent, and the discount rate by 25 basis points to 4-3/4 percent.
• October 30–31, 2007
  Target rate 4.50% ▼ cut 0.25 pp · Dissents: Hoenig ↑ · Tone: Leaning dovish -0.54
  The FOMC lowered the federal funds rate by 25 basis points to 4-1/2 percent, a smaller cut than the previous 50-basis-point reduction.
• September 18, 2007
  Target rate 4.75% ▼ cut 0.50 pp · Tone: Clearly dovish -0.80
  The FOMC lowered the federal funds rate target by 50 basis points to 4-3/4 percent, a shift from the previous statement's no explicit rate action.
• August 16, 2007
  Target rate 5.25% unchanged · Tone: Clearly dovish -0.90
  The FOMC replaced its liquidity-provision language with a statement that financial market conditions have deteriorated and tighter credit and uncertainty may restrain growth.
• August 10, 2007
  Target rate 5.25% unchanged · Tone: Leaning dovish -0.38
  The statement no longer announces a federal funds rate decision; instead, it focuses on providing liquidity to support orderly financial markets.
• August 7, 2007
  Target rate 5.25% unchanged · Tone: Leaning hawkish +0.50
  The FOMC noted that financial markets have been volatile and credit conditions have tightened for some households and businesses, while the housing correction continues.
• June 27–28, 2007
  Target rate 5.25% unchanged · Tone: Leaning hawkish +0.52
  Upgraded the description of economic growth from 'slowed in the first part of this year' to 'moderate during the first half of this year', and added 'despite the ongoing adjustment in the housing sector'.
• May 9, 2007
  Target rate 5.25% unchanged · Tone: Leaning hawkish +0.51
  The FOMC changed the economic growth description from 'mixed' to noting a slowdown in the first part of the year.
• March 20–21, 2007
  Target rate 5.25% unchanged · Tone: Leaning hawkish +0.51
  The FOMC revised its economic assessment, noting mixed recent indicators and an ongoing housing adjustment, replacing the previous language about firmer growth and tentative housing stabilization.
• January 30–31, 2007
  Target rate 5.25% unchanged · Tone: Leaning hawkish +0.26
  The FOMC upgraded its economic assessment, noting firmer growth and tentative housing stabilization, replacing the prior description of slowing growth and a substantial housing cooling.

2006

• December 12, 2006
  Target rate 5.25% unchanged · Dissents: Lacker ↑ · Tone: Balanced +0.21
  The FOMC kept the federal funds rate target at 5-1/4 percent, unchanged from the previous meeting.
• October 24–25, 2006
  Target rate 5.25% unchanged · Dissents: Lacker ↑ · Tone: Balanced +0.21
  The FOMC kept the federal funds rate target at 5-1/4 percent, unchanged from the previous meeting.
• September 20, 2006
  Target rate 5.25% unchanged · Dissents: Lacker ↑ · Tone: Leaning hawkish +0.26
  The FOMC again kept the federal funds rate target at 5-1/4 percent, with the same 9-1 vote and Jeffrey M. Lacker dissenting in favor of a 25 basis point increase.
• August 8, 2006
  Target rate 5.25% unchanged · Dissents: Lacker ↑ · Tone: Leaning hawkish +0.30
  The FOMC held the federal funds rate target at 5-1/4 percent, after raising it by 25 basis points in June.
• June 28–29, 2006
  Target rate 5.25% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.61
  Raised the federal funds rate target by 25 basis points to 5-1/4 percent, and the discount rate to 6-1/4 percent.
• May 10, 2006
  Target rate 5.00% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.55
  Raised the federal funds rate target by 25 basis points to 5 percent.
• March 27–28, 2006
  Target rate 4.75% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.54
  Raised the federal funds rate target by 25 basis points to 4-3/4 percent, up from 4-1/2 percent.
• January 31, 2006
  Target rate 4.50% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.55
  Raised the federal funds rate by 25 basis points to 4-1/2 percent, up from 4-1/4 percent.

2005

• December 13, 2005
  Target rate 4.25% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.57
  Raised the federal funds rate target by 25 basis points to 4-1/4 percent, up from 4 percent.
• November 1, 2005
  Target rate 4.00% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.42
  Raised the federal funds rate target by 25 basis points to 4 percent, up from 3-3/4 percent.
• September 20, 2005
  Target rate 3.75% ▲ raised 0.25 pp · Dissents: Olson ↓ · Tone: Leaning hawkish +0.38
  Raised the federal funds rate target by 25 basis points to 3-3/4 percent.
• August 9, 2005
  Target rate 3.50% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.29
  Raised the federal funds rate target by 25 basis points to 3-1/2 percent.
• June 29–30, 2005
  Target rate 3.25% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.35
  Raised the federal funds rate target by 25 basis points to 3-1/4 percent.
• May 3, 2005
  Target rate 3.00% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.37
  Raised the federal funds rate target by 25 basis points to 3 percent.
• March 22, 2005
  Target rate 2.75% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.36
  Raised the federal funds rate target by 25 basis points to 2-3/4 percent, and the discount rate to 3-3/4 percent.
• February 1–2, 2005
  Target rate 2.50% ▲ raised 0.25 pp · Tone: Balanced +0.17
  Raised the federal funds rate target by 25 basis points to 2-1/2 percent.

2004

• December 14, 2004
  Target rate 2.25% ▲ raised 0.25 pp · Tone: Balanced +0.19
  Raised the federal funds rate target by 25 basis points to 2-1/4 percent.
• November 10, 2004
  Target rate 2.00% ▲ raised 0.25 pp · Tone: Balanced +0.22
  Raised the federal funds rate target by 25 basis points to 2 percent.
• September 21, 2004
  Target rate 1.75% ▲ raised 0.25 pp · Tone: Balanced +0.19
  Raised the federal funds rate target by 25 basis points to 1-3/4 percent.
• August 10, 2004
  Target rate 1.50% ▲ raised 0.25 pp · Tone: Balanced +0.20
  Raised the federal funds rate target by 25 basis points to 1-1/2 percent.
• June 29–30, 2004
  Target rate 1.25% ▲ raised 0.25 pp · Tone: Balanced +0.16
  The FOMC raised the federal funds rate target by 25 basis points to 1-1/4 percent, ending the previous 1 percent target.
• May 4, 2004
  Target rate 1.00% unchanged · Tone: Leaning dovish -0.29
  The FOMC upgraded its labor market assessment, noting that hiring appears to have picked up, whereas the previous statement said new hiring had lagged.
• March 16, 2004
  Target rate 1.00% unchanged · Tone: Leaning dovish -0.74
  The FOMC updated its description of economic activity, noting output is expanding at a solid pace rather than briskly.
• January 27–28, 2004
  Target rate 1.00% unchanged · Tone: Leaning dovish -0.67
  The FOMC added language noting that new hiring remains subdued but other indicators suggest labor market improvement.

2003

• December 9, 2003
  Target rate 1.00% unchanged · Tone: Leaning dovish -0.74
  Kept the federal funds rate target at 1 percent.
• October 28, 2003
  Target rate 1.00% unchanged · Tone: Clearly dovish -0.94
  The FOMC updated its labor market assessment, noting that the labor market appears to be stabilizing, whereas the previous statement said it had been weakening.
• September 16, 2003
  Target rate 1.00% unchanged · Tone: Clearly dovish -0.91
  The FOMC upgraded its description of productivity growth from 'still-robust' to 'robust'.
• August 12, 2003
  Target rate 1.00% unchanged · Tone: Clearly dovish -0.91
  The FOMC kept the federal funds rate target at 1 percent, after lowering it by 25 basis points in June.
• June 24–25, 2003
  Target rate 1.00% ▼ cut 0.25 pp · Dissents: Parry ↓ · Tone: Clearly dovish -0.95
  The FOMC lowered the federal funds rate target by 25 basis points to 1 percent, and the Board of Governors cut the discount rate by 25 basis points to 2 percent.
• May 6, 2003
  Target rate 1.25% unchanged · Tone: Clearly dovish -0.82
  The FOMC kept the federal funds rate target unchanged at 1-1/4 percent.
• March 18, 2003
  Target rate 1.25% unchanged · Tone: Leaning dovish -0.62
  The FOMC kept the federal funds rate target unchanged at 1-1/4 percent.
• January 28–29, 2003
  Target rate 1.25% unchanged · Tone: Leaning dovish -0.38
  The FOMC replaced its assessment of incoming indicators and productivity with language citing oil price premiums and geopolitical risks as restraining business spending and hiring.

2002

• December 10, 2002
  Target rate 1.25% unchanged · Tone: Leaning dovish -0.54
  The FOMC kept the federal funds rate target unchanged at 1-1/4 percent, after lowering it by 50 basis points in November.
• November 6, 2002
  Target rate 1.25% ▼ cut 0.50 pp · Tone: Clearly dovish -0.98
  The FOMC lowered the federal funds rate target by 50 basis points to 1 1/4 percent, and the Board approved a 50 basis point cut in the discount rate to 3/4 percent.
• September 24, 2002
  Target rate 1.75% unchanged · Dissents: Gramlich ↓, McTeer ↓ · Tone: Clearly dovish -0.87
  The FOMC kept the federal funds rate target unchanged at 1 3/4 percent.
• August 13, 2002
  Target rate 1.75% unchanged · Tone: Clearly dovish -0.90
  The FOMC kept the federal funds rate target at 1 3/4 percent, unchanged from the previous meeting.
• June 25–26, 2002
  Target rate 1.75% unchanged · Tone: Balanced -0.08
  The FOMC updated its economic assessment, noting that activity is continuing to increase, whereas the previous statement emphasized a marked swing in inventory investment.
• May 7, 2002
  Target rate 1.75% unchanged · Tone: Balanced -0.10
  The FOMC kept the federal funds rate target unchanged at 1 3/4 percent.
• March 19, 2002
  Target rate 1.75% unchanged · Tone: Balanced -0.08
  The FOMC kept the federal funds rate target unchanged at 1-3/4 percent.
• January 29–30, 2002
  Target rate 1.75% unchanged · Tone: Leaning dovish -0.71
  The FOMC kept the federal funds rate target unchanged at 1-3/4 percent, after lowering it by 25 basis points in December.

2001

• December 11, 2001
  Target rate 1.75% ▼ cut 0.25 pp · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.98
  The FOMC lowered the federal funds rate target by 25 basis points to 1-3/4 percent, a smaller cut than the previous 50 basis point reduction.
• November 6, 2001
  Target rate 2.00% ▼ cut 0.50 pp · Tone: Clearly dovish -0.99
  Cut the federal funds rate by 50 basis points to 2 percent, and the discount rate by 50 basis points to 1-1/2 percent.
• October 2, 2001
  Target rate 2.50% ▼ cut 0.50 pp · Tone: Clearly dovish -0.99
  The FOMC lowered the federal funds rate target by 50 basis points to 2-1/2 percent, and the discount rate by 50 basis points to 2 percent.
• September 17, 2001
  Target rate 3.00% ▼ cut 0.50 pp · Tone: Clearly dovish -1.00
  The FOMC lowered the federal funds rate target by 50 basis points to 3 percent, doubled from the previous 25 basis point cut.
• August 21, 2001
  Target rate 3.50% ▼ cut 0.25 pp · Tone: Clearly dovish -0.98
  The FOMC lowered the federal funds rate target by 25 basis points to 3-1/2 percent, and the discount rate by 25 basis points to 3 percent.
• June 26–27, 2001
  Target rate 3.75% ▼ cut 0.25 pp · Dissents: Poole ↑ · Tone: Clearly dovish -0.97
  Cut the federal funds rate by 25 basis points to 3-3/4 percent, and the discount rate by 25 basis points to 3-1/4 percent.
• May 15, 2001
  Target rate 4.00% ▼ cut 0.50 pp · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.96
  The FOMC lowered the federal funds rate target by 50 basis points to 4 percent, and the discount rate by 50 basis points to 3-1/2 percent.
• April 18, 2001
  Target rate 4.50% ▼ cut 0.50 pp · Tone: Clearly dovish -0.99
  Cut the federal funds rate by 50 basis points to 4-1/2 percent, and the discount rate by 50 basis points to 4 percent.
• March 20, 2001
  Target rate 5.00% ▼ cut 0.50 pp · Tone: Clearly dovish -0.98
  The FOMC lowered the federal funds rate target by 50 basis points to 5 percent, and the discount rate by 50 basis points to 4-1/2 percent.
• January 30–31, 2001
  Target rate 5.50% ▼ cut 0.50 pp · Tone: Clearly dovish -0.99
  Cut the federal funds rate by 50 basis points to 5-1/2 percent, same size as the previous cut but to a lower level.
• January 3, 2001
  Target rate 6.00% ▼ cut 0.50 pp · Tone: Clearly dovish -0.98
  The FOMC lowered the federal funds rate target by 50 basis points to 6 percent, a shift from maintaining the rate at 6-1/2 percent.

2000

• December 19, 2000
  Target rate 6.50% unchanged · Tone: Clearly dovish -0.76
  The FOMC maintained the federal funds rate target at 6-1/2 percent.
• November 15, 2000
  Target rate 6.50% unchanged · Tone: Leaning hawkish +0.50
  The FOMC kept the federal funds rate target at 6-1/2 percent, unchanged from the previous meeting.
• October 3, 2000
  Target rate 6.50% unchanged · Tone: Leaning hawkish +0.51
  The FOMC maintained the federal funds rate target at 6-1/2 percent.
• August 22, 2000
  Target rate 6.50% unchanged · Tone: Leaning hawkish +0.54
  Kept the federal funds rate target at 6-1/2 percent, as in June.
• June 27–28, 2000
  Target rate 6.50% unchanged · Tone: Leaning hawkish +0.53
  The FOMC shifted from raising the federal funds rate by 50 basis points to holding it at 6-1/2 percent.
• May 16, 2000
  Target rate 6.50% ▲ raised 0.50 pp · Tone: Clearly hawkish +1.00
  Raised the federal funds rate target by 50 basis points to 6-1/2 percent, up from a 25 basis point increase to 6 percent in March.
• March 21, 2000
  Target rate 6.00% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.98
  Raised the federal funds rate target by 25 basis points to 6 percent, and the discount rate by 25 basis points to 5-1/2 percent.
• February 1–2, 2000
  Target rate 5.75% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.98
  The FOMC raised the federal funds rate target by 25 basis points to 5-3/4 percent, and the Board of Governors approved a 25 basis point increase in the discount rate to 5-1/4 percent.

1999

• December 21, 1999
  Target rate 5.50% unchanged · Tone: Balanced +0.14
  The FOMC left the federal funds rate target unchanged, after raising it by 25 basis points in the previous statement.
• November 16, 1999
  Target rate 5.50% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.63
  Raised the federal funds rate target by 25 basis points to 5-1/2 percent, and the Board of Governors approved a 25 basis point increase in the discount rate to 5 percent.
• October 5, 1999
  Target rate 5.25% unchanged · Tone: Leaning hawkish +0.51
  The FOMC left the federal funds rate target unchanged, after raising it by 25 basis points in August.
• August 24, 1999
  Target rate 5.25% ▲ raised 0.25 pp · Dissents: McTeer ↓ · Tone: Clearly hawkish +0.96
  Raised the federal funds rate target by 25 basis points to 5-1/4 percent, and the Board of Governors approved a 25 basis point increase in the discount rate to 4-3/4 percent.
• June 29–30, 1999
  Target rate 5.00% ▲ raised 0.25 pp · Dissents: McTeer ↓ · Tone: Leaning hawkish +0.42
  The FOMC raised the federal funds rate target by 25 basis points to 5 percent, a shift from the previous no-action stance.
• May 18, 1999
  Target rate 4.75% unchanged · Tone: Leaning hawkish +0.52
  The FOMC left the stance of monetary policy unchanged, with no rate action taken at this meeting.

1998

• November 17, 1998
  Target rate 4.75% ▼ cut 0.25 pp · Dissents: Jordan ↑ · Tone: Clearly dovish -0.90
  The FOMC cut the discount rate by 25 basis points to 4-1/2 percent and the federal funds rate to around 4-3/4 percent.
• October 15, 1998
  Target rate 5.00% ▼ cut 0.25 pp · Tone: Clearly dovish -0.98
  The FOMC reduced the federal funds rate by 25 basis points to around 5 percent, a further easing from the previous 5-1/4 percent.
• September 29, 1998
  Target rate 5.25% ▼ cut 0.25 pp · Tone: Clearly dovish -0.91
  The FOMC reversed course from tightening in March to easing in September, lowering the federal funds rate target by 1/4 percentage point to around 5-1/4 percent.

1997

• March 25, 1997
  Target rate 5.50% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.74
  The FOMC shifted from easing to tightening, expecting the federal funds rate to rise 1/4 percentage point to around 5-1/2 percent, reversing the previous cut to about 5-1/4 percent.

1996

• January 30–31, 1996
  Target rate 5.25% ▼ cut 0.25 pp · Tone: Clearly dovish -0.88
  The FOMC cut the discount rate by 25 basis points to 5 percent, effective immediately, a move not mentioned in the prior statement.

1995

• December 19, 1995
  Target rate 5.50% ▼ cut 0.25 pp · Tone: Clearly dovish -0.93
  The FOMC again decided to decrease slightly the degree of pressure on reserve positions, easing policy for the second time in 1995.
• July 5–6, 1995
  Target rate 5.75% ▼ cut 0.25 pp · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.81
  The FOMC decreased the degree of pressure on bank reserve positions, easing monetary conditions.
• January 31–February 1, 1995
  Target rate 6.00% ▲ raised 0.50 pp · Tone: Clearly hawkish +1.00
  Raised the discount rate from 4 3/4 percent to 5 1/4 percent, effective immediately.

1994

• November 15, 1994
  Target rate 5.50% ▲ raised 0.75 pp · Tone: Clearly hawkish +1.00
  Raised the discount rate from 4 percent to 4 3/4 percent, effective immediately.
• August 16, 1994
  Target rate 4.75% ▲ raised 0.50 pp · Tone: Clearly hawkish +0.97
  Raised the discount rate from 3.5% to 4%, effective immediately, and allowed the increase to pass through fully to reserve market rates.
• May 17, 1994
  Target rate 4.25% ▲ raised 0.50 pp · Tone: Clearly hawkish +0.96
  The Fed announced two actions to maintain favorable inflation trends and sustain economic expansion, replacing the previous single action to slightly increase pressure on reserve positions.
• April 18, 1994
  Target rate 3.75% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.57
  The FOMC's action is now attributed to the Federal Reserve rather than the Federal Open Market Committee.
• March 22, 1994
  Target rate 3.50% ▲ raised 0.25 pp · Dissents: Broaddus ↑, Jordan ↑ · Tone: Leaning hawkish +0.63
  The FOMC again decided to increase slightly the degree of pressure on reserve positions, expecting a small rise in short-term rates.
• February 3–4, 1994
  Target rate 3.25% · Tone: Leaning hawkish +0.72
  The Federal Open Market Committee decided to increase slightly the degree of pressure on reserve positions.