> FOMC Statement Jul 28, 2021: What Changed
> Source: https://interestratedecision.com/fed/statements/july-2021/ · Content last changed: 2026-11-12
> InterestRateDecision.com: free to quote with a link to the page above.

The FOMC statement of Jul 28, 2021 against the one before it: 42 words added, 28 removed, shown in the Fed's own text.

# FOMC statement, Jul 28, 2021

Set against the statement of Jun 16, 2021: 42 words added, 28 removed, 373 kept. The text is the Fed’s, with no reading of what a change means.

Added ~Removed~ Unmarked words are the same as before.

~Progress~ With progress on vaccinations ~has reduced the spread of COVID-19 in the United States. Amid this progress~ and strong policy support, indicators of economic activity and employment have ~strengthened.~ continued to strengthen. The sectors most adversely affected by the pandemic ~remain weak but~ have shown ~improvement.~ improvement but have not fully recovered. Inflation has risen, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.

The path of the economy ~will~ continues to depend ~significantly~ on the course of the virus. Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. ~In addition,~ Last December, the ~Federal Reserve will~ Committee indicated that it would continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward ~the Committee's~ its maximum employment and price stability goals. Since then, the economy has made progress toward these goals, and the Committee will continue to assess progress in coming meetings. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Source: [the Federal Reserve’s release of Jul 28, 2021](https://www.federalreserve.gov/newsevents/pressreleases/monetary20210728a.htm).

[← Jun 16, 2021](https://interestratedecision.com/fed/statements/june-2021/) [Sep 22, 2021 →](https://interestratedecision.com/fed/statements/september-2021/) · [All statements](https://interestratedecision.com/fed/statements/)

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