Federal Reserve Board – Federal Reserve issues FOMC statement

The Federal Open Market Committee approved the following statement for publication by a vote of 12 to 0:

The Committee decided to maintain the target range for the federal funds rate between 3-1/2 and 3-3/4 percent, in support of the Federal Reserve’s dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system.

Economic activity is expanding at a solid pace despite high uncertainty due in part to the conflict in the Middle East. Productivity growth and capital investment are strong. Labor gains have kept pace with the labor force and the unemployment rate is little changed.

Inflation remains elevated relative to the Committee’s 2% target, partly reflecting supply shocks that have led to price increases in certain sectors, including energy. The Committee will provide price stability.

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Application note issued on June 17, 2026