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FOMC statement of June 24, 2009

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 June 24, 2009. Compared with the previous scheduled statement of April 29, 2009: 5 sentences changed, 4 were added, 5 were removed, and 4 stayed the same. In words: 102 added, 149 removed. The vote on this statement: Unanimous. On the April 29, 2009 statement: Unanimous.

FOMC statement · June 24, 2009

Changed sentences against the previous scheduled statement (April 29, 2009)

4 unchanged · 5 changed · 4 added · 5 removed · words +102 / −149

April 29, 2009
Unanimous.
June 24, 2009
Unanimous.
Changed

Information received since the Federal Open Market Committee met in March indicates April suggests that the economy has continued to contract, though the pace of economic contraction appears to be somewhat slower is slowing.

Added

Conditions in financial markets have generally improved in recent months.

Changed

Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit.

Removed

Weak sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories, fixed investment, and staffing.

Removed

Although the economic outlook has improved modestly since the March meeting, partly reflecting some easing of financial market conditions, economic activity is likely to remain weak for a time.

Added

Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales.

Changed

Nonetheless Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.

Added

The prices of energy and other commodities have risen of late.

Changed

In light of increasing economic However, substantial resource slack here is likely to dampen cost pressures, and abroad, the Committee expects that inflation will remain subdued for some time.

Removed

Moreover, the Committee sees some risk that inflation could persist for a time below rates that best foster economic growth and price stability in the longer term.

Changed

The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and anticipates continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

Removed

The Federal Reserve is facilitating the extension of credit to households and businesses and supporting the functioning of financial markets through a range of liquidity programs.

Removed

The Committee will continue to carefully monitor the size and composition of the Federal Reserve's balance sheet in light of financial and economic developments.

Added

The Federal Reserve is monitoring the size and composition of its balance sheet and will make adjustments to its credit and liquidity programs as warranted.

Show the 4 unchanged sentences
Unchanged

In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability.

Unchanged

As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year.

Unchanged

In addition, the Federal Reserve will buy up to $300 billion of Treasury securities by autumn.

Unchanged

The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets.

Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · April 29, 2009

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.