FOMC statement of April 29, 2015
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 29, 2015. Compared with the previous scheduled statement of March 18, 2015: 6 sentences changed, 2 were added, 4 were removed, and 12 stayed the same. In words: 81 added, 105 removed. The vote on this statement: Unanimous. On the March 18, 2015 statement: Unanimous.
FOMC statement · April 29, 2015
Changed sentences against the previous scheduled statement (March 18, 2015)
12 unchanged · 6 changed · 2 added · 4 removed · words +81 / −105
- March 18, 2015
- Unanimous.
- April 29, 2015
- Unanimous.
Information received since the Federal Open Market Committee met in January March suggests that economic growth has moderated somewhat slowed during the winter months, in part reflecting transitory factors.
Labor market conditions have improved further, with strong job gains and a lower unemployment rate.
The pace of job gains moderated, and the unemployment rate remained steady.
A range of labor market indicators suggests that underutilization of labor resources continues to diminish was little changed.
Household spending is rising moderately; declines in energy prices have boosted household purchasing power.
Growth in household spending declined; households' real incomes rose strongly, partly reflecting earlier declines in energy prices, and consumer sentiment remains high.
Business fixed investment is advancing softened, while the recovery in the housing sector remains remained slow, and export growth has weakened exports declined.
Inflation has declined further continued to run below the Committee's longer-run objective, largely partly reflecting earlier declines in energy prices and decreasing prices of non-energy imports.
Although growth in output and employment slowed during the first quarter, the Committee expects continues to expect that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators continuing to move toward levels the Committee judges consistent with its dual mandate.
Inflation is anticipated to remain near its recent low level in the near term, but the Committee expects inflation to rise gradually toward 2 percent over the medium term as the labor market improves further and the transitory effects of declines in energy price declines and other factors import prices dissipate.
Consistent with its previous statement, the Committee judges that an increase in the target range for the federal funds rate remains unlikely at the April FOMC meeting.
This change in the forward guidance does not indicate that the Committee has decided on the timing of the initial increase in the target range.
Show the 12 unchanged sentences
Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.
The Committee continues to see the risks to the outlook for economic activity and the labor market as nearly balanced.
The Committee continues to monitor inflation developments closely.
To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate.
In determining how long to maintain this target range, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation.
This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.
The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.
The Committee is maintaining its existing policy 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.
This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.
When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent.
The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · March 18, 2015
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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.
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