Federal Reserve issues FOMC statement

Core Points - The Federal Reserve indicates that economic activity is expanding at a solid pace, with a generally easing labor market and a low unemployment rate, while inflation is progressing towards the 2 percent target but remains elevated [1][2] - The Federal Reserve has lowered the target range for the federal funds rate by 0.25 percentage points to 4.5% to 4.75% to support its dual mandate of maximum employment and stable inflation [3][7] - The Federal Reserve is committed to monitoring incoming data and adjusting monetary policy as necessary to achieve its goals, considering a wide range of information including labor market conditions and inflation expectations [4][5] Monetary Policy Implementation - The Board of Governors voted unanimously to lower the interest rate on reserve balances to 4.65%, effective November 8, 2024 [7] - The Federal Open Market Committee directed the execution of open market operations to maintain the federal funds rate within the target range, including conducting overnight repurchase and reverse repurchase agreement operations [8] - A 0.25 percentage point decrease in the primary credit rate to 4.75% was also approved, effective November 8, 2024 [8]