FOMC statement of April 30, 2008
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 April 30, 2008. Compared with the previous scheduled statement of March 18, 2008: 11 sentences changed, 0 were added, 1 was removed, and 2 stayed the same. In words: 61 added, 45 removed. The vote on this statement: 2 members voted against: Richard W. Fisher, Charles I. Plosser. On the March 18, 2008 statement: 2 members voted against: Richard W. Fisher, Charles I. Plosser.
FOMC statement · April 30, 2008
Changed sentences against the previous scheduled statement (March 18, 2008)
2 unchanged · 11 changed · 0 added · 1 removed · words +61 / −45
- March 18, 2008
- 2 members voted against: Richard W. Fisher, Charles I. Plosser.
- April 30, 2008
- 2 members voted against: Richard W. Fisher, Charles I. Plosser.
The Federal Open Market Committee decided today to lower its target for the federal funds rate 75 25 basis points to 2-1/4 2 percent.
Recent information indicates that the outlook for economic activity has weakened further remains weak.
Growth in consumer Household and business spending has slowed been subdued and labor markets have softened further.
Financial markets remain under considerable stress, and the tightening of tight credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters.
Although readings on core inflation has been elevated have improved somewhat, energy and other commodity prices have increased, and some indicators of inflation expectations have risen in recent months.
Still, uncertainty about the inflation outlook has increased remains high.
Today's The substantial easing of monetary policy action to date, combined with those taken earlier, including ongoing measures to foster market liquidity, should help to promote moderate growth over time and to mitigate the risks to economic activity.
However, downside risks to growth remain.
The Committee will continue to monitor economic and financial developments and will act in a timely manner as needed to promote sustainable economic growth and price stability.
Voting against were Richard W. Fisher and Charles I. Plosser, who preferred less aggressive action no change in the target for the federal funds rate at this meeting.
In a related action, the Board of Governors unanimously approved a 75-basis-point 25-basis-point decrease in the discount rate to 2-1/2 2-1/4 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, Cleveland, Atlanta, and San Francisco.
Show the 2 unchanged sentences
The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization.
It will be necessary to continue to monitor inflation developments carefully.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · March 18, 2008
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