FOMC statement of October 30, 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 October 30, 2019. Compared with the previous scheduled statement of September 18, 2019: 4 sentences changed, 1 was added, 1 was removed, and 7 stayed the same. In words: 42 added, 84 removed. The vote on this statement: 2 members voted against: Esther L. George, Eric S. Rosengren. On the September 18, 2019 statement: 3 members voted against: James Bullard, Esther L. George, Eric S. Rosengren.
FOMC statement · October 30, 2019
Changed sentences against the previous scheduled statement (September 18, 2019)
7 unchanged · 4 changed · 1 added · 1 removed · words +42 / −84
- September 18, 2019
- 3 members voted against: James Bullard, Esther L. George, Eric S. Rosengren.
- October 30, 2019
- 2 members voted against: Esther L. George, Eric S. Rosengren.
Information received since the Federal Open Market Committee met in July September indicates that the labor market remains strong and that economic activity has been rising at a moderate rate.
Although household spending has been rising at a strong pace, business fixed investment and exports have weakened remain weak.
In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 to 2 percent.
As the Committee contemplates the future path of the target range for the federal funds rate, it will continue to 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.
The Committee will continue to monitor the implications of incoming information for the economic outlook as it assesses the appropriate path of the target range for the federal funds rate.
Voting against the this action were James Bullard, who preferred at this meeting to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent; and : Esther L. George and Eric S. Rosengren, who preferred at this meeting to maintain the target range at 1-3/4 percent to 2 percent to 2-1/4 percent.
Show the 7 unchanged sentences
Job gains have been solid, on average, in recent months, and the unemployment rate has remained low.
On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent.
Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.
This action supports the Committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective are the most likely outcomes, but uncertainties about this outlook remain.
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 · September 18, 2019
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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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