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The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have shown improvement but have not fully recovered. Inflation has risen, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy continues to depend on the course of the virus. Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessm tweet at 2:00pm: *FOMC: Maintains $80 Billion Treasury Buying, $40 Billion MBS Buying Per Month tweet at 2:01pm: *Fed Says Standing Repo Will Take Treasurys, Agencies, Agency MBS *Fed Says Standing Repo Facility Rate Will Be 0.25% *Fed Says Standing Repo Facility Has Operation Limit Of $500 Billion, Effective July 29 tweet at 2:04pm: FED: THE ECONOMY IS ON TRACK TO MEET THE TAPERING GOALS.Here’s what changed in the new Fed statement This is a comparison of Wednesday’s Federal Open Market Committee statement with the one issued after the Fed’s previous policy-making meeting on June 16. Text removed from the June statement is in red with a horizontal line through the middle. Text appearing for the first time in the new statement is in red and underlined. Black text appears in both statements. Read the full statement here.

tweet at 2:34pm: FED'S POWELL: INFLATION COULD TURN OUT TO BE HIGHER, MORE PERSISTENT THAN EXPECTED tweet at 2:35pm: FED'S POWELL: IF THE PATH OF INFLATION MOVES MATERIALLY AND PERSISTENTLY BEYOND THE TARGET, THE FED IS PREPARED TO MAKE POLICY ADJUSTMENTS. tweet at 2:37pm: FED'S POWELL: AT TODAY'S MEETING, FED CONTINUED TO ASSESS PROGRESS TOWARD TAPER GOALS, AND CONSIDERED PACE AND COMPOSITION OF TAPER WHEN IT BEGINS tweet at 2:38pm: POWELL: NEW STANDING REPO FACILITIES WILL PROVIDE BACKSTOPS FOR MARKET tweet at 2:40pm: FED'S POWELL: THERE IS NO NUMERICAL THRESHOLD CURRENTLY FOR MAXIMUM EMPLOYMENT