1、Board of Governors of the Federal Reserve SystemFor use at 11:00 a.m.EDTJuly 5,2024Monetary Policy rePortJuly 5,2024Letter of transmittaLBoard of Governors of the Federal Reserve SystemWashington,D.C.,July 5,2024The President of the Senate The Speaker of the House of RepresentativesThe Board of Gove

2、rnors is pleased to submit its Monetary Policy Report pursuant to section 2B of the Federal Reserve Act.Sincerely,Jerome H.Powell,Chairstatement on Longer-run goaLs and monetary PoLicy strategyAdopted effective January24,2012;as reaffirmed effective January30,2024The Federal Open Market Committee(FO

3、MC)is firmly committed to fulfilling its statutory mandate from the Congress of promoting maximum employment,stable prices,and moderate long-term interest rates.The Committee seeks to explain its monetary policy decisions to the public as clearly as possible.Such clarity facilitates well-informed de

4、cisionmaking by households and businesses,reduces economic and financial uncertainty,increases the effectiveness of monetary policy,and enhances transparency and accountability,which are essential in a democratic society.Employment,inflation,and long-term interest rates fluctuate over time in respon

5、se to economic and financial disturbances.Monetary policy plays an important role in stabilizing the economy in response to these disturbances.The Committees primary means of adjusting the stance of monetary policy is through changes in the target range for the federal funds rate.The Committee judge

6、s that the level of the federal funds rate consistent with maximum employment and price stability over the longer run has declined relative to its historical average.Therefore,the federal funds rate is likely to be constrained by its effective lower bound more frequently than in the past.Owing in pa