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Exception Tracking Spreadsheet (TicklerTrax™)
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Fed releases FOMC Statement

The Federal Reserve Board has issued the Federal Open Market Committee Statement following the Committee's meetings on January 31 and February 1, 2023.

The committee decided to raise the target range for the federal funds rate to 4-1/2 to 4-3/4 percent [a 1/4 percentage point increase]. The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.

The Implementation Note issued with the Minutes indicates that the Board of Governors voted unanimously to raise the interest rate paid on reserve balances [from 4.40 percent] to 4.65 percent, effective February 2, 2023. The note also indicates the Board voted unanimously to approve a 1/4 percentage point increase in the primary credit rate charged on advances of credit by the Reserve Banks.

The FOMC also announced it has unanimously reaffirmed its "Statement on Longer-Run Goals and Monetary Policy Strategy," often known as the consensus statement, which articulates its approach to monetary policy.

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