> FOMC Statement Jul 27, 2022: What Changed
> Source: https://interestratedecision.com/fed/statements/july-2022/ · Content last changed: 2026-11-12
> InterestRateDecision.com: free to quote with a link to the page above.

The FOMC statement of Jul 27, 2022 against the one before it: 6 words added, 21 removed, shown in the Fed's own text.

# FOMC statement, Jul 27, 2022

Set against the statement of Jun 15, 2022: 6 words added, 21 removed, 217 kept. The text is the Fed’s, with no reading of what a change means.

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

~The invasion of~ Russia's war against Ukraine ~by Russia~ is causing tremendous human and economic hardship. The ~invasion~ war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. ~In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions.~ The Committee is highly attentive to inflation risks.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to ~1‑1/2~ 2-1/4 to ~1-3/4~ 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May. The Committee is strongly committed to returning inflation to its 2 percent objective.

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 27, 2022](https://www.federalreserve.gov/newsevents/pressreleases/monetary20220727a.htm).

[← Jun 15, 2022](https://interestratedecision.com/fed/statements/june-2022/) [Sep 21, 2022 →](https://interestratedecision.com/fed/statements/september-2022/) · [All statements](https://interestratedecision.com/fed/statements/)

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