Meeting Date: April 28-29, 2015

Economic Highlights
Economic growth slowed during the winter months; the pace of job gains moderated, and the unemployment rate remained steady. Growth in household spending declined; households’ real incomes rose strongly, partly due to declines in energy prices. Business fixed investment softened; the housing sector recovery remained slow and weak; and exports declined.

Policy Announcements
Interest Rates:
To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate.  In determining how long to maintain this target range, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation.

Fed’s Security Holdings:
The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities, and of rolling over maturing Treasury securities at auction.  This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.

Forward Guidance
The decision of just when to raise interest rates will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.

Voting Results:  No dissenting votes.
Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Charles L. Evans; Stanley Fischer; Jeffrey M. Lacker; Dennis P. Lockhart; Jerome H. Powell; Daniel K. Tarullo; and John C. Williams.

Next Meeting: June 16-17, 2015

The preceding information contains excerpts from an official published statement on the Federal Open Market Committee’s April 28-29, 2015 meeting.  For full text, please visit the Federal Reserve website.