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The Federal Reserve is committed to using its entire set of tools to support the US economy during this difficult time, thereby contributing to achieving its goals of maximum employment and price stability.

Thanks to progress in vaccination and strong political support, economic activity and employment indicators continued to improve. The sectors most affected by the pandemic are showing improvement, but they have not fully recovered. Inflation has increased, which is largely due to transitional factors. Overall financial conditions remain favorable, partly reflecting policy measures to support the economy and the inflow of loans to US households and businesses.

The economic path continues to depend on the spread of the virus. Progress in vaccination is likely to continue to reduce the impact of the public health crisis on the economy, but risks to the economic outlook remain.

The Committee aims to achieve maximum employment and inflation at 2 percent in the long term. Since inflation is constantly falling below this long-term goal, the Committee will strive to ensure that inflation is moderately above 2 percent for some time, so that inflation averages 2 percent over time, and long-term inflation expectations remain stable at 2 percent. The Committee expects to maintain a moderate monetary policy until these results are achieved. The Committee has decided to maintain the target range of the federal funds rate at the level of 0 to 1/4 percent and expects that it will be appropriate to maintain this target range until labor market conditions reach the levels agreed with the Committee. Estimates of maximum employment and inflation have risen to 2 percent and may moderately exceed 2 percent for some time. Last December, the Committee indicated that it would continue to increase its holdings of Treasury securities by at least $80 billion per month and agency mortgage-backed securities by at least $40 billion per month until significant further progress is made towards its maximum employment and price stability goal.

Since then, the economy has made progress towards achieving these goals, and the Committee will continue to assess progress at upcoming meetings. These asset purchases help to ensure the smooth functioning of the market and favorable financial conditions, thereby supporting the flow of loans to households and businesses. The Committee has indicated that it will continue to increase its holdings of Treasury securities by at least $80 billion per month and agency mortgage-backed securities by at least $40 billion per month until significant further progress is made towards achieving its goals of maximum employment and price stability.

While assessing the appropriate position of monetary policy, the Committee will continue to monitor the impact of incoming information on the economic outlook. The Committee will be ready to adjust the course of monetary policy, if necessary, if there are risks that may hinder the achievement of the Committee's goals. The Committee's assessments will take into account a wide range of information, including data on the health of the population, labor market conditions, inflationary pressure and inflation expectations, as well as financial and international events.

Chairman Jerome H. Powell, voted for monetary policy measures; John K. Williams, Vice Chair; Thomas I. Barkin; Raphael V. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida Mary K. Daley; Charles L. Evans Randal K. Quarles; and Christopher J. Waller.