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The path invasion of Ukraine by Russia is causing tremendous human and economic hardship. The implications for the U.S. economy continues to depend on are highly uncertain, but in the course of near term the virus. Progress on vaccinations invasion and an easing of supply constraints related events are expected likely to support continued gains in economic activity create additional upward pressure on inflation and employment as well as a reduction in inflation. Risks to the weigh on economic outlook remain, including from new variants of the virus. activity.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong. In support of these goals, the Committee decided to keep raise the target range for the federal funds rate at 0 to 1/4 percent. With inflation well above 2 to 1/2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise anticipates that ongoing increases in the target range for will be appropriate. In addition, the federal funds rate. The Committee decided to continue to reduce the monthly pace of its net asset purchases, bringing them expects to an end in early March. Beginning in February, the Committee will increase begin reducing its holdings of Treasury securities by at least $20 billion per month and of agency mortgage‑backed securities by at least $10 billion per month. The Federal Reserve's ongoing purchases debt and holdings of agency mortgage-backed securities will continue to foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. at a coming meeting.
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.