Speech

A Diligent Return to Price Stability

Abstract: Last week, the FOMC raised its target range of the federal funds rate by 75 basis points to 3-3/4 to 4 percent. We also indicated that we anticipate that ongoing increases in the target range will be appropriate in order to attain a monetary policy stance that is sufficiently restrictive to return inflation to 2 percent. Given the level and persistence of inflation, the journey back to 2 percent inflation will likely take some time. The FOMC is also continuing the process of reducing the size of the Fed’s balance sheet by allowing assets to roll off, which also helps to firm the stance of monetary policy.

Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Speech

Publication Date: 2022-11-10