AVN 63.60 Increased By ▲ 1.85 (3%)
BOP 8.65 Decreased By ▼ -0.08 (-0.92%)
CHCC 124.50 Decreased By ▼ -2.00 (-1.58%)
DCL 8.85 Decreased By ▼ -0.06 (-0.67%)
DGKC 101.70 Decreased By ▼ -0.56 (-0.55%)
EFERT 61.65 Decreased By ▼ -4.90 (-7.36%)
EPCL 42.99 Decreased By ▼ -0.26 (-0.6%)
FCCL 20.40 Decreased By ▼ -0.05 (-0.24%)
FFL 13.67 Increased By ▲ 0.08 (0.59%)
HASCOL 13.39 Decreased By ▼ -0.08 (-0.59%)
HBL 128.88 Increased By ▲ 0.38 (0.3%)
HUBC 79.40 Increased By ▲ 0.54 (0.68%)
HUMNL 7.10 Increased By ▲ 0.72 (11.28%)
JSCL 21.85 Increased By ▲ 0.02 (0.09%)
KAPCO 27.60 Increased By ▲ 0.11 (0.4%)
KEL 3.60 No Change ▼ 0.00 (0%)
LOTCHEM 11.75 Decreased By ▼ -0.03 (-0.25%)
MLCF 36.51 Decreased By ▼ -0.74 (-1.99%)
OGDC 93.80 Increased By ▲ 1.44 (1.56%)
PAEL 30.35 Decreased By ▼ -0.10 (-0.33%)
PIBTL 11.78 Decreased By ▼ -0.01 (-0.08%)
PIOC 83.35 Decreased By ▼ -1.50 (-1.77%)
POWER 9.20 Increased By ▲ 0.05 (0.55%)
PPL 84.45 Increased By ▲ 1.91 (2.31%)
PSO 187.55 Increased By ▲ 1.06 (0.57%)
SNGP 43.00 Increased By ▲ 0.50 (1.18%)
STPL 13.30 No Change ▼ 0.00 (0%)
TRG 51.33 Increased By ▲ 0.23 (0.45%)
UNITY 23.34 Increased By ▲ 0.04 (0.17%)
WTL 0.99 No Change ▼ 0.00 (0%)
BR100 4,131 Increased By ▲ 19.61 (0.48%)
BR30 20,689 Increased By ▲ 66.76 (0.32%)
KSE100 39,863 Increased By ▲ 230.84 (0.58%)
KSE30 16,752 Increased By ▲ 58.2 (0.35%)

WASHINGTON: The Federal Reserve's policy arm, the Federal Open Market Committee, announced a 25-basis-point interest rate cut on Wednesday after a two-day meeting. Here is the complete text of the FOMC statement:

Information received since the Federal Open Market Committee met in June indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although growth of household spending has picked up from earlier in the year, growth of business fixed investment has been soft. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 2 to 2-1/4 percent. This action supports the Committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective are the most likely outcomes, but uncertainties about this outlook remain. As the Committee contemplates the future path of the target range for the federal funds rate, it will continue to monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market and inflation near its symmetric 2 percent objective.

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 maximum employment objective and its symmetric 2 percent inflation objective. 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 will conclude the reduction of its aggregate securities holdings in the System Open Market Account in August, two months earlier than previously indicated.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; and Randal K. Quarles. Voting against the action were Esther L. George and Eric S. Rosengren, who preferred at this meeting to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.

Copyright AFP (Agence France-Press), 2019