Meeting Date: January 27-28, 2015

Economic Highlights
“…since December economic activity…expanding at a solid pace. Labor market conditions have improved further… Household spending is rising moderately; declines in energy prices have boosted household purchasing power … Business fixed investment is advancing, while the recovery in the housing sector remains slow.”

Policy Announcements
Rates Unchanged: “0 to 1/4 percent target range… remains appropriate. … Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy.”

Normalization of Security Holdings: “…. maintaining its existing policy of reinvesting principal payments from its holdings … This policy, by keeping the Committee’s holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions. ”

Forward Guidance
“The Committee continues to see the risks to the outlook for economic activity and the labor market as nearly balanced. Inflation is anticipated to decline further in the near term, but the Committee expects inflation to rise gradually toward 2 percent over the medium term as the labor market improves further and the transitory effects of lower energy prices and other factors dissipate. The Committee continues to monitor inflation developments closely.”

Voting Results
Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Charles L. Evans; Stanley Fischer; Jeffrey M. Lacker; Dennis P. Lockhart; Jerome H. Powell; Daniel K. Tarullo; and John C. Williams.

Next Meeting: March 17-18, 2015