Excerpt from Federal Reserve  Press Release on December Press Conference with Chairwoman Janet Yellen:

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market conditions will strengthen somewhat further. Inflation is expected to rise to 2 percent over the medium term as the transitory effects of past declines in energy and import prices dissipate and the labor market strengthens further. Near-term risks to the economic outlook appear roughly balanced. The Committee continues to closely monitor inflation indicators and global economic and financial developments.

Full Press Conference & FOMC Statement:

Excerpt from June Press Conference with Chairwoman Janet Yellen:

“While the general picture of the labor market is largely positive, some people are still struggling. Unemployment rates rose more during the recession for African Americans and Hispanics than for the nation overall, and even though those rates have also come down by more during the economic expansion, unemployment remains higher for these groups. Unfortunately, those gaps have not narrowed noticeably relative to where they were before the recession. Unemployment rates for young African American and Hispanic men without a college degree remain especially high, and one important benefit from further improvement in the labor market would be increased job opportunities for these men and other groups that currently still experience high unemployment.”

Full Press Conference & FOMC Statement:

Excerpt from March Press Conference with Chairwoman Janet Yellen:

“Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market indicators will continue to strengthen. However, global economic and financial developments continue to pose risks. Inflation is expected to remain low in the near term, in part because of earlier declines in energy prices, but to rise to 2 percent over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further. The Committee continues to monitor inflation developments closely.”

Full Press Conference & FOMC Statement:

The FOMC (Federal Open Market Committee) held its last meeting of 2014 on December 17, 2014. As has become customary starting under the previous Federal Reserve Chairman Ben Bernanke, a press conference is held thereafter giving the public and media an opportunity to ask questions of the sitting chair about current and/or future strategy and policy.

A few key points that were touched on in the press conference were falling oil prices, three committee member dissent of current policy direction, Russia’s impact on the global economy, and an emphasis that every meeting is a “live” meeting where the committee could alter their strategic policy.

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2014 Members of the Federal Open Market Committee

• Janet L. Yellen, Board of Governors, Chair
• William C. Dudley, New York, Vice Chairman
• Lael Brainard, Board of Governors
• Stanley Fischer, Board of Governors
• Richard W. Fisher, Dallas
• Narayana Kocherlakota, Minneapolis
• Loretta J. Mester, Cleveland
• Charles I. Plosser, Philadelphia
• Jerome H. Powell, Board of Governors
• Daniel K. Tarullo, Board of Governors