FOMC statement of September 23, 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 September 23, 2009. Compared with the previous scheduled statement of August 12, 2009: 9 sentences changed, 1 was added, 2 were removed, and 3 stayed the same. In words: 104 added, 99 removed. The vote on this statement: Unanimous. On the August 12, 2009 statement: Unanimous.
FOMC statement · September 23, 2009
Changed sentences against the previous scheduled statement (August 12, 2009)
3 unchanged · 9 changed · 1 added · 2 removed · words +104 / −99
- August 12, 2009
- Unanimous.
- September 23, 2009
- Unanimous.
Information received since the Federal Open Market Committee met in June August suggests that economic activity is leveling out has picked up following its severe downturn.
Conditions in financial markets have improved further, and activity in recent weeks the housing sector has increased.
Household spending has continued seems to show signs of be stabilizing, but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit.
Businesses are still cutting back on fixed investment and staffing but are making , though at a slower pace; they continue to make progress in bringing inventory stocks into better alignment with sales.
Although economic activity is likely to remain weak for a time, the Committee continues to anticipate anticipates that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to support a strengthening of economic growth and a gradual resumption return to higher levels of sustainable economic growth resource utilization in a context of price stability.
The prices of energy and other commodities have risen of late.
However, With substantial resource slack is likely to continue to dampen cost pressures and with longer-term inflation expectations stable, and the Committee expects that inflation will remain subdued for some time.
In these circumstances, the Federal Reserve will continue to employ all available a wide range of tools to promote economic recovery and to preserve price stability.
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.
The Committee will gradually slow the pace of these purchases in order to promote a smooth transition in markets and anticipates that they will be executed by the end of the first quarter of 2010.
In addition As previously announced, the Federal Reserve is in the process Reserve's purchases of buying $300 billion of Treasury securities will be completed by the end of October 2009.
To promote a smooth transition in markets as these purchases of Treasury securities are completed, the Committee has decided to gradually slow the pace of these transactions and anticipates that the full amount will be purchased by the end of October.
Show the 3 unchanged sentences
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.
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.
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.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · August 12, 2009
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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.
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