The Federal Open Market Committee voted unanimously to hold the federal funds rate unchanged at 5.25%–5.50% at its July 2024 meeting. Chair Jerome Powell, speaking at the post-decision press conference on 31 July 2024, noted that labour market conditions had eased and said a rate reduction could be on the table at the September meeting.
LABOUR MARKET AND INFLATION
On inflation, the FOMC statement noted further progress towards the 2% objective. The Committee reiterated that it would not reduce the target range until it had greater confidence that inflation was moving sustainably downward towards the target.
NEXT MEETING
The Federal Reserve's next scheduled policy decision falls on 18 September.
Powell declined to commit explicitly to a September move, repeating the Committee's standard formulation that decisions would remain data-dependent and that no path was predetermined.