FOMC statement of September 16, 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 September 16, 2008. Compared with the previous scheduled statement of August 5, 2008: 4 sentences changed, 3 were added, 3 were removed, and 3 stayed the same. In words: 46 added, 66 removed. The vote on this statement: Unanimous. On the August 5, 2008 statement: 1 member voted against: Richard W. Fisher.
FOMC statement · September 16, 2008
Changed sentences against the previous scheduled statement (August 5, 2008)
3 unchanged · 4 changed · 3 added · 3 removed · words +46 / −66
- August 5, 2008
- 1 member voted against: Richard W. Fisher.
- September 16, 2008
- Unanimous.
Economic activity expanded in the second quarter, partly reflecting growth in consumer spending and exports.
However, labor markets have softened further and financial markets remain under considerable stress.
Strains in financial markets have increased significantly and labor markets have weakened further.
Economic growth appears to have slowed recently, partly reflecting a softening of household spending.
Tight credit conditions, the ongoing housing contraction, and elevated energy prices some slowing in export growth are likely to weigh on economic growth over the next few quarters.
Inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities, and some indicators of inflation expectations have been elevated.
Although The downside risks to growth remain, and the upside risks to inflation are also both of significant concern to the Committee.
The Committee will continue to monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.
Voting against was Richard W. Fisher, who preferred an increase in the target for the federal funds rate at this meeting.
Ms. Cumming voted as the alternate for Timothy F. Geithner.
Show the 3 unchanged sentences
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent.
Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth.
The Committee expects inflation to moderate later this year and next year, but the inflation outlook remains highly uncertain.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · August 5, 2008
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