FOMC Press Conference, April 29, 2026

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 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. Developments in the Middle East are 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; Philip N. Jefferson; Anna Paulson; and Christopher J. Waller. Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this 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. FED STATEMENT COMPARE: pic.twitter.com/mllHcAwtyT FED RATE DECISION AND POLICY STATEMENT DRAW MOST NUMBER OF DISSENTING VOTES SINCE OCTOBER 1992 *FED SAYS GOVERNOR STEPHEN MIRAN DISSENTS IN FAVOR OF RATE CUT *FED: HAMMACK, KASHKARI, LOGAN VOTED AGAINST EASING BIAS, BACKED *FED: MIDDLE EAST DEVELOPMENTS ADDING HIGH LEVEL OF UNCERTAINTY

FED'S POWELL: INFLATION ELEVATED, IN PART REFLECTING ENERGY PRICE INCREASE POWELL: CURRENT POLICY STANCE APPROPRIATE POWELL: MIDDLE EAST EVENTS CONTRIBUTES TO UNCERTAINTY POWELL: NEAR-TERM INFLATION EXPECATIONS HAVE RISEN *POWELL: HOUSING SECTOR HAS REMAINED WEAK *POWELL: LABOR DEMAND HAS CLEARLY SOFTENED AS WELL *POWELL: PART OF SLOWER JOB GROWTH REFLECTS LOWER IMMIGRATION *POWELL: IN NEAR TERM, HIGHER ENERGY PRICES WILL BOOST INFLATION

POWELL: WILL LEAVE FED WHEN I THINK IT'S APPROPRIATE TO DO SO POWELL: LITERALLY STAYING BECAUSE OF THE ACTIONS OF THE ADMINISTRATION POWELL: NO CHOICE BUT TO STAY *POWELL: I WON'T LEAVE THE FED UNTIL INVESTIGATION IS OVER *POWELL: I WILL KEEP A LOW PROFILE *POWELL: MY INTENTION IS NOT TO INTERFERE *POWELL: WILL WORK WITH THE CHAIR *POWELL: WE EXPECT TARIFF INFLATION TO RECEDE NEXT TWO QUARTERS POWELL: ENERGY SURGE HASN'T EVEN PEAKED YET