FOMC statement of March 21, 2018
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 March 21, 2018. Compared with the previous scheduled statement of January 31, 2018: 5 sentences changed, 2 were added, 0 were removed, and 10 stayed the same. In words: 45 added, 16 removed. The vote on this statement: Unanimous. On the January 31, 2018 statement: Unanimous.
FOMC statement · March 21, 2018
Changed sentences against the previous scheduled statement (January 31, 2018)
10 unchanged · 5 changed · 2 added · 0 removed · words +45 / −16
- January 31, 2018
- Unanimous.
- March 21, 2018
- Unanimous.
Information received since the Federal Open Market Committee met in December January indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid moderate rate.
Job gains in employment, household spending, and business fixed investment have been solid strong in recent months, and the unemployment rate has stayed low.
Recent data suggest that growth rates of household spending and business fixed investment have moderated from their strong fourth-quarter readings.
The economic outlook has strengthened in recent months.
The Committee expects that, with further gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace in the medium term and labor market conditions will remain strong.
Inflation on a 12-month basis is expected to move up this year in coming months and to stabilize around the Committee's 2 percent objective over the medium term.
In view of realized and expected labor market conditions and inflation, the Committee decided to maintain raise the target range for the federal funds rate at 1-1/4 to 1-1/2 to 1-3/4 percent.
Show the 10 unchanged sentences
On a 12-month basis, both overall inflation and inflation for items other than food and energy have continued to run below 2 percent.
Market-based measures of inflation compensation have increased in recent months but remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.
Near-term risks to the economic outlook appear roughly balanced, but the Committee is monitoring inflation developments closely.
The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation.
In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to 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 will carefully monitor actual and expected inflation developments relative to its symmetric inflation goal.
The Committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.
However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · January 31, 2018
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.
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