our expressed ability is the restless ability of the federal reserve and the bedrock of our economy. without price stability, we will not have strong labor market conditions that benefit all. the fomc racer policy and interest rate i have a percentage point raised our policy and interest rate by half a percentage point. we will return to inflation over time under 2% inflation over time. or strong price stability will maintain retaining strong price stability will be retaining actions after economic developments. the u.s. economy has slowed from last year s rapid pace although real gdp growth has gone up two point 9%, it is roughly unchanged through the first three quarters of this year. indicators point to modest growth of spending and production this quarter. production this quarter. growth in our consumer spending slowed from lester s rapid place real disposable income in tighter financial conditions. activity in the housing sector has weakened significantly larger
rate and labor shortages in certain sectors. good afternoon. before i go into the details of today s meeting, i would like to underscore for the american people that we understand the hardship high inflation is causing and that we are strongly committed to bring inflation back down to our 2% goal. over the course of the year we have taken forceful actions they stance on voluntary policy with covered a lot of ground in the full effect of our rapid tightening so far are yet to be felt. even so them or at work today. price stability is the responsibility of the federal reserve serves as a bedrock of our economy. without price stability in the economy doesn t work for anyone in particular without price stability will not achieve a sustained period of strong labor market conditions that benefit all. today the fomc raised our policy info rate by one half of a percentage point permit continued to anticipate ongoing increases will be appropriate in order to obtain a sense of monetary
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