FOMC statement of August 17, 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 unscheduled statement on August 17, 2007 (August 16 Conference Call - 2007). Compared with the previous scheduled statement of August 7, 2007: 0 sentences changed, 4 were added, 9 were removed, and 0 stayed the same. In words: 123 added, 164 removed. The vote on this statement: Unanimous. On the August 7, 2007 statement: Unanimous.
An unscheduled statement (Fed calendar: “August 16 Conference Call - 2007”). It is compared with the previous scheduled statement, so many sentences can look changed because the format differs. The comparison with the statement right before it is further down.
FOMC statement · August 17, 2007
Changed sentences against the previous scheduled statement (August 7, 2007)
0 unchanged · 0 changed · 4 added · 9 removed · words +123 / −164
- August 7, 2007
- Unanimous.
- August 17, 2007
- Unanimous.
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent.
Economic growth was moderate during the first half of the year.
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.
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.
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 outlook for both inflation and economic growth, as implied by incoming information.
Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward.
In these circumstances, although recent data suggest that the economy has continued to expand at a moderate pace, the Federal Open Market Committee judges that the downside risks to growth have increased appreciably.
The Committee is monitoring the situation and is prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets.
Voting in favor of the policy announcement were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Richard W. Fisher; Thomas M. Hoenig; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Michael H. Moskow; Eric Rosengren; and Kevin M. Warsh.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · August 7, 2007
Compared with the statement right before it (August 7, 2007)
FOMC statement · August 17, 2007
Changed sentences against the previous statement (August 7, 2007)
0 unchanged · 0 changed · 4 added · 9 removed · words +123 / −164
- August 7, 2007
- Unanimous.
- August 17, 2007
- Unanimous.
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent.
Economic growth was moderate during the first half of the year.
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.
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.
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 outlook for both inflation and economic growth, as implied by incoming information.
Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward.
In these circumstances, although recent data suggest that the economy has continued to expand at a moderate pace, the Federal Open Market Committee judges that the downside risks to growth have increased appreciably.
The Committee is monitoring the situation and is prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets.
Voting in favor of the policy announcement were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Richard W. Fisher; Thomas M. Hoenig; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Michael H. Moskow; Eric Rosengren; and Kevin M. Warsh.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · August 7, 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.