FOMC statement of December 13, 2011
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 December 13, 2011. Compared with the previous scheduled statement of November 2, 2011: 4 sentences changed, 2 were added, 4 were removed, and 9 stayed the same. In words: 64 added, 120 removed. The vote on this statement: 1 member voted against: Charles L. Evans. On the November 2, 2011 statement: 1 member voted against: Charles L. Evans.
FOMC statement · December 13, 2011
Changed sentences against the previous scheduled statement (November 2, 2011)
9 unchanged · 4 changed · 2 added · 4 removed · words +64 / −120
- November 2, 2011
- 1 member voted against: Charles L. Evans.
- December 13, 2011
- 1 member voted against: Charles L. Evans.
Information received since the Federal Open Market Committee met in September indicates that economic growth strengthened somewhat in the third quarter, reflecting in part a reversal of the temporary factors that had weighed on growth earlier in the year.
Information received since the Federal Open Market Committee met in November suggests that the economy has been expanding moderately, notwithstanding some apparent slowing in global growth.
Nonetheless, recent While indicators point to continuing weakness some improvement in overall labor market conditions, and the unemployment rate remains elevated.
Household spending has increased at a somewhat faster pace in recent months.
Business investment in equipment and software Household spending has continued to expand advance, but business fixed investment in nonresidential structures is still weak, appears to be increasing less rapidly and the housing sector remains depressed.
Inflation appears to have moderated since earlier in the year as prices of energy and some commodities have declined from their peaks.
Inflation has moderated since earlier in the year, and longer-term inflation expectations have remained stable.
Moreover, there are significant downside risks to the economic outlook, including strains in global financial markets.
Strains in global financial markets continue to pose significant downside risks to the economic outlook.
The Committee also anticipates that inflation will settle, over coming quarters, at levels at or below those consistent with the Committee's dual mandate as the effects of past energy and other commodity price increases dissipate further.
Show the 9 unchanged sentences
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.
The Committee continues to expect a moderate pace of economic growth over coming quarters and consequently anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate.
However, the Committee will continue to pay close attention to the evolution of inflation and inflation expectations.
To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to continue its program to extend the average maturity of its holdings of securities as announced in September.
The Committee is maintaining its existing policies of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction.
The Committee will regularly review the size and composition of its securities holdings and is prepared to adjust those holdings as appropriate.
The Committee also decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.
The Committee will continue to assess the economic outlook in light of incoming information and is prepared to employ its tools to promote a stronger economic recovery in a context of price stability.
Voting against the action was Charles L. Evans, who supported additional policy accommodation at this time.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · November 2, 2011
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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.
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