2014
FOMC Meeting	Directive	Vote	Fed Funds Target	Discount Rate*	Guidance#	Quantitative Easing
1/28 & 1/29	No change	10 to 1	0.00 to 0.25	0.75	well past the time that the unemployment rate declines below 6-1/2 percent, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal	Starting Feb. 2014, Treasury bond purchases at $35 billion per month; MBSs at $30 billion per month.
3/18 & 3/19	No change	8 to 1	0.00 to 0.25	0.75	assessment of progress toward its objectives of maximum employment and 2 percent inflation, taking into account a wide range of information	Starting Apr. 2014, Treasury bond purchases at $30 billion per month; MBSs at $25 billion per month.
4/29 & 4/30	No change	9 to 1	0.00 to 0.25	0.75	maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored	Starting May 2014, Treasury bond purchases at $25 billion per month; MBSs at $20 billion per month.
6/17 & 6/18	No change	9 to 1	0.00 to 0.25	0.75	assessment of progress toward its objectives of maximum employment and 2 percent inflation, taking into account a wide range of information	Starting July 2014, Treasury bond purchases at $20 billion per month; MBSs at $15 billion per month.
7/29 & 7/30	No change	9 to 1	0.00 to 0.25	0.75	assessment of progress toward its objectives of maximum employment and 2 percent inflation, taking into account a wide range of information; expect to maintain fed funds target for "considerable time" after end of QE	Starting August 2014, Treasury bond purchases at $15 billion per month; MBSs at $10 billion per month.
9/16 & 9/17	No change	8 to 2	0.00 to 0.25	0.75	assessment of progress toward its objectives of maximum employment and 2 percent inflation, taking into account a wide range of information; expect to maintain fed funds target for "considerable time" after end of QE	Starting October 2014, Treasury bond purchases at $10 billion per month; MBSs at $5 billion per month.
10/28 & 10/29	No change	9 to 1	0.00 to 0.25	0.75	balanced approach consistent with Fed's longer-run goals of maximum employment and inflation of 2 percent; economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run	Additional bond purchases end October 2014
12/16 & 12/17	No change	7 to 3	0.00 to 0.25	0.75	balanced approach consistent with Fed's longer-run goals of maximum employment and inflation of 2 percent; the Committee judges that it can be patient in beginning to normalize the stance of monetary policy.levels the Committee views as normal in the longer run
Return to top

* Discount rate vote is by the Federal Reserve Board alone and not the full FOMC # Guidance in statement for expected duration of an exceptionally low fed funds rate.

2015
FOMC Meeting	Directive	Vote	Fed Funds Target	Discount Rate*	Guidance#
1/27 & 1/28	No change	10 to 0	0.00 to 0.25	0.75	balanced approach consistent with Fed's longer-run goals of maximum employment and inflation of 2 percent; the Committee judges that it can be patient in beginning to normalize the stance of monetary policy levels the Committee views as normal in the longer run
3/17 & 3/18	No change	10 to 0	0.00 to 0.25	0.75	The FOMC will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. This change in the forward guidance does not indicate that the Committee has decided on the timing of the initial increase in the target range.
4/28 & 4/29	No change	10 to 0	0.00 to 0.25	0.75	The FOMC will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.
6/16 & 6/17	No change	10 to 0	0.00 to 0.25	0.75	The FOMC will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.
7/28 & 7/29	No change	10 to 0	0.00 to 0.25	0.75	The FOMC will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.
9/16 & 9/17	No change	10 to 0	0.00 to 0.25	0.75	The FOMC will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.
10/27 & 10/28	No change	9 to 1	0.00 to 0.25	0.75	The FOMC will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to target over the medium term.
12/15 & 12/16	Lifts funds target	10 to 0	0.25 to 0.50	1.00	In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. In light of the current shortfall of inflation from 2 percent, the Committee will carefully monitor actual and expected progress toward its inflation goal. The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.
Return to top

* Discount rate vote is by the Federal Reserve Board alone and not the full FOMC # Guidance in statement for expected duration of an exceptionally low fed funds rate.