A very interesting meeting, and the press conference identified some salient points:

https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20210728.pdf

• worldwide shortage of semiconductors has sharply curtailed production so far this year.
• in addition, The US Fed are continuing to increase their holdings of Treasury securities by at least $80 billion per month and of agency MBS by at least $40 billion per month