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We decided today to lower the target for the Federal Funds rate by a quarter of a percentage point to a range of 2 per cent to 2 and 1/4 per cent. The outlook for the US economy remains favourable. And this action is designed to support that outlook.
It is intended to insure against downside risks from weak global growth and trade policy uncertainty, to help offset the effects these factors are currently having on the economy, and to promote a faster return of inflation to our symmetric 2 per cent objective. All of these objectives will support achievement of our overarching goal - to sustain the expansion with a strong job market and inflation close to our objective for the benefit of the American people.
As the committee contemplates the future path of the target range for the Federal Funds rate, it will continue to monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion with a strong labour market and inflation near its symmetric per cent objective.
