(Reuters) – Following is the full statement issued by the Federal Open Market Committee on Sept. 22, 2021:

The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.

Indicators of economic activity have been improving with the continued progress in vaccinations, as well as strong support from policymakers. In recent months, most sectors that were worst affected by the pandemic’s impact have seen improvement. However, their recovery has been slowed due to an increase in COVID-19 patients. The elevated inflation is largely due to temporary factors. Financial conditions are generally favorable, partly due to policy measures that support the economy as well as the flow of credit to U.S. businesses and households.

The virus’s course will determine how the economy develops. While progress in vaccines is likely to continue to decrease the impact of the public healthcare crisis on the economy’s economic outlook, there are still risks.

In the longer term, the Committee seeks maximum employment with an inflation rate of 2 per cent. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee anticipates that it will maintain an accommodative policy in monetary policies until the desired outcomes have been achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment and inflation has risen to 2 percent and is on track to 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 of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward its maximum employment and price stability goals. These goals have been met with some progress by the economy since that time. The Committee believes that asset purchases should be moderated if progress is continuing as it was expected. The asset purchases support the flow of credit, by fostering smooth market functioning and accommodating financial conditions.

While assessing the appropriate policy stance, the Committee will keep an eye on the impact of new information regarding 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.

Jerome H. Powell (Chair); John C. Williams (Vice Chair); Thomas I. Barkin and Raphael W. Bostic were the voting members for the monetary policy decision.