FOMC statement of June 19, 2019
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 19, 2019. Compared with the previous scheduled statement of May 1, 2019: 4 sentences changed, 3 were added, 2 were removed, and 5 stayed the same. In words: 106 added, 66 removed. The vote on this statement: 1 member voted against: James Bullard. On the May 1, 2019 statement: Unanimous.
FOMC statement · June 19, 2019
Changed sentences against the previous scheduled statement (May 1, 2019)
5 unchanged · 4 changed · 3 added · 2 removed · words +106 / −66
- May 1, 2019
- Unanimous.
- June 19, 2019
- 1 member voted against: James Bullard.
Information received since the Federal Open Market Committee met in March May indicates that the labor market remains strong and that economic activity rose is rising at a solid moderate rate.
Growth of household spending and business fixed investment slowed in the first quarter.
Although growth of household spending appears to have picked up from earlier in the year, indicators of business fixed investment have been soft.
On a 12-month basis, overall inflation and inflation for items other than food and energy have declined and are running below 2 percent.
On balance, Market-based measures of inflation compensation have remained low in recent months, and declined; survey-based measures of longer-term inflation expectations are little changed.
The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective as the most likely outcomes, but uncertainties about this outlook have increased.
In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.
In light of these uncertainties and muted inflation pressures, the Committee will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market and inflation near its symmetric 2 percent objective.
Voting against the action was James Bullard, who preferred at this meeting to lower the target range for the federal funds rate by 25 basis points.
Show the 5 unchanged sentences
Job gains have been solid, on average, in recent months, and the unemployment rate has remained low.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.
In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.
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 maximum employment objective and its symmetric 2 percent inflation objective.
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.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · May 1, 2019
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.
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