2023/5/3 US Federal Reserve (Fed) issues FOMC statement (machine translation)

Economic activity expanded at a moderate pace in the first quarter. Employment growth has been steady in recent months, and the unemployment rate has remained low. Inflation remains at a high level. The U.S. banking system is sound and resilient. Deterioration in household and corporate credit conditions is likely to weigh heavily on economic activity, employment, and inflation. The extent of these effects remains uncertain. The Committee continues to have a high level of interest in the risk of inflation. The Commission aims to achieve maximum employment and 2% inflation over the long term. To support these targets, the Commission decided to raise the target range for federal funds interest rates to 5-1-4%. The committee carefully monitors incoming information and assesses its impact on monetary policy. When deciding to what extent additional policy enhancements are appropriate in order to return the inflation rate to 2% over the long term, the Committee will consider the cumulative tightening of monetary policy, the lag in which monetary policy affects economic activity and inflation, and the economic and financial situation. Additionally, the Commission plans to continue reducing holdings of Treasury securities and government agency bonds and government agency mortgage-backed securities, as described in previously announced plans. The committee is strongly committed to returning the inflation rate to the 2 percent target. In evaluating the appropriate stance on monetary policy, the Committee will continue to monitor the impact of incoming information on the economic outlook. The Committee is prepared to make appropriate adjustments to the monetary policy stance in the event that risks that may hinder the achievement of the Committee's goals arise. The Committee's assessment will take into account a wide range of information, including information on labour market conditions, inflationary pressures and expectations, and financial and international affairs.