FOMC statement of January 31, 2007
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 January 31, 2007. Compared with the previous scheduled statement of December 12, 2006: 3 sentences changed, 2 were added, 3 were removed, and 2 stayed the same. In words: 41 added, 91 removed. The vote on this statement: Unanimous. On the December 12, 2006 statement: 1 member voted against: Jeffrey M. Lacker.
FOMC statement · January 31, 2007
Changed sentences against the previous scheduled statement (December 12, 2006)
2 unchanged · 3 changed · 2 added · 3 removed · words +41 / −91
- December 12, 2006
- 1 member voted against: Jeffrey M. Lacker.
- January 31, 2007
- Unanimous.
Economic growth has slowed over the course of the year, partly reflecting a substantial cooling of the housing market.
Recent indicators have suggested somewhat firmer economic growth, and some tentative signs of stabilization have appeared in the housing market.
Although recent indicators have been mixed Overall, the economy seems likely to expand at a moderate pace on balance over coming quarters.
Readings on core inflation have improved modestly in recent months, and inflation pressures seem likely to moderate over time.
Readings on core inflation have been elevated However, and the high level of resource utilization has the potential to sustain inflation pressures.
However, inflation pressures seem likely to moderate over time, reflecting reduced impetus from energy prices, contained inflation expectations, and the cumulative effects of monetary policy actions and other factors restraining aggregate demand.
Nonetheless, The Committee judges that some inflation risks remain.
Voting against was Jeffrey M. Lacker, who preferred an increase of 25 basis points in the federal funds rate target at this meeting.
Show the 2 unchanged sentences
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent.
The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · December 12, 2006
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