FOMC meeting summary – target rate remains the same

https://www.federalreserve.gov/monetarypolicy/files/monetary20240501a1.pdf FOMC meeting summary for May 1 announced

As summarized by AI:

• Economic activity is expanding at a solid pace.
• Job gains remain strong, and unemployment is low.
• Inflation has eased but remains elevated, with no recent progress toward the 2 percent goal.
• The Committee aims for maximum employment and 2 percent inflation over the longer run.
• Risks to employment and inflation goals have moved toward better balance.
• The economic outlook is uncertain, with a focus on inflation risks.
• The federal funds rate target range remains at 5-1/4 to 5-1/2 percent.
• The Committee will carefully assess data and risks before considering rate adjustments.
• The Committee will continue reducing its holdings of Treasury securities and agency debt.
• Beginning in June, the pace of decline in Treasury securities holdings will slow.
• The Committee is strongly committed to returning inflation to its 2 percent objective.
• Monetary policy will be adjusted as needed based on economic and risk assessments.
• The Board of Governors voted to maintain the interest rate paid on reserve balances at 5.4 percent.
• Open market operations will maintain the federal funds rate in the target range.
• Overnight repurchase agreement operations will have a minimum bid rate of 5.5 percent.
• Overnight reverse repurchase agreement operations will have an offering rate of 5.3 percent.
• Principal payments from Treasury securities and agency debt/MBS will be rolled over or reinvested based on caps.
• The primary credit rate remains at 5.5 percent.