FOMC statement of March 28, 2006
This statement of the Federal Open Market Committee, compared sentence by sentence with the scheduled statement before it: what changed in the text, and how the Committee voted.
In short
The Federal Open Market Committee released this statement on March 28, 2006. Compared with the previous scheduled statement of January 31, 2006: 4 sentences changed, 3 were added, 2 were removed, and 2 stayed the same. In words: 98 added, 39 removed. The vote on this statement: Unanimous. On the January 31, 2006 statement: Unanimous.
FOMC statement · March 28, 2006
Changed sentences against the previous scheduled statement (January 31, 2006)
2 unchanged · 4 changed · 3 added · 2 removed · words +98 / −39
- January 31, 2006
- Unanimous.
- March 28, 2006
- Unanimous.
The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 4-1/2 4-3/4 percent.
Although recent economic data have been uneven, the expansion in economic activity appears solid.
Core inflation has stayed relatively low in recent months and longer-term inflation expectations remain contained.
The slowing of the growth of real GDP in the fourth quarter of 2005 seems largely to have reflected temporary or special factors.
Economic growth has rebounded strongly in the current quarter but appears likely to moderate to a more sustainable pace.
As yet, the run-up in the prices of energy and other commodities appears to have had only a modest effect on core inflation, ongoing productivity gains have helped to hold the growth of unit labor costs in check, and inflation expectations remain contained.
Nevertheless Still, possible increases in resource utilization as well as , in combination with the elevated prices of energy prices and other commodities, have the potential to add to inflation pressures.
In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate to 5-1/2 5-3/4 percent.
In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Kansas City Minneapolis, Dallas, and San Francisco.
Show the 2 unchanged sentences
The Committee judges that some further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance.
In any event, the Committee will respond to changes in economic prospects as needed to foster these objectives.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · January 31, 2006
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The page sets this statement of the Federal Open Market Committee next to the scheduled statement before it, sentence by sentence. The Fed’s sentences are shown as published, in English.
In a changed sentence, the words that were dropped are struck through and the new words are underlined. A sentence found only in the newer statement is marked as added; one found only in the older statement, as removed. Sentences that did not change are collapsed.
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