On May 3, 2023, the Federal Reserve Board (FRB) issued an FOMC statement.

Economic activity in the first quarter expanded at a moderate pace. In recent months, the increase in employment has been solid, and the unemployment rate remains low. The inflation rate remains at a high level. The banking system in the USA is sound and resilient. The deterioration of household and corporate credit conditions is believed to weigh heavily on economic activity, employment, and inflation. The extent of these impacts remains uncertain. The committee continues to have a high level of concern over inflation risks. The committee aims to achieve maximum employment and 2% inflation in the long run. In support of these goals, the committee has decided to raise the target range for the federal funds rate to 5-5-1/4%. The committee will carefully monitor incoming information and assess its impact on monetary policy. When determining the degree of additional policy tightening needed to return the inflation rate to 2% in the long run, the committee will consider the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and the economic and financial conditions. Furthermore, as previously announced in the plan, the committee plans to continue reducing the holdings of Treasury securities, government agency bonds, and government agency mortgage-backed securities. The committee is strongly committed to returning the inflation rate to the 2% target. In evaluating the appropriate stance of monetary policy, the committee will continue to monitor the impact of incoming information on the economic outlook. The committee stands ready to adjust the stance of monetary policy appropriately if risks emerge that could hinder the achievement of the committee's goals. The committee's assessment will involve considering a wide range of information, including labor market conditions, inflation pressures and expectations, and financial and international developments.