FOMC statement of August 7, 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 August 7, 2007. Compared with the previous scheduled statement of June 28, 2007: 4 sentences changed, 1 was added, 0 were removed, and 4 stayed the same. In words: 49 added, 19 removed. The vote on this statement: Unanimous. On the June 28, 2007 statement: Unanimous.
FOMC statement · August 7, 2007
Changed sentences against the previous scheduled statement (June 28, 2007)
4 unchanged · 4 changed · 1 added · 0 removed · words +49 / −19
- June 28, 2007
- Unanimous.
- August 7, 2007
- Unanimous.
Economic growth appears to have been was moderate during the first half of this the year, despite the ongoing adjustment in the housing sector.
Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing.
Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy.
In these circumstances Although the downside risks to growth have increased somewhat, the Committee's predominant policy concern remains the risk that inflation will fail to moderate as expected.
Future policy adjustments will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.
Show the 4 unchanged sentences
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent.
Readings on core inflation have improved modestly in recent months.
However, a sustained moderation in inflation pressures has yet to be convincingly demonstrated.
Moreover, the high level of resource utilization has the potential to sustain those pressures.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · June 28, 2007
How to read this page
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.
The counts say how many sentences fall into each of those groups, and how many words were added and removed. They count edits; they do not weigh them.
The vote lines show how the Committee voted on each statement and who voted against, as the statement itself reports it.
The comparison is made by a fixed rule, not by a model, and it reads nothing into the text.
The Fed’s text is shown in its original English and is not translated. This page only shows what changed in the text; it is not a reading of direction, tone or risk, and it is not part of the MVIE score. MVIE Pro is independent research and is not affiliated with the Federal Reserve.