FOMC statement of December 11, 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 December 11, 2019. Compared with the previous scheduled statement of October 30, 2019: 4 sentences changed, 0 were added, 1 was removed, and 7 stayed the same. In words: 22 added, 65 removed. The vote on this statement: Unanimous. On the October 30, 2019 statement: 2 members voted against: Esther L. George, Eric S. Rosengren.
FOMC statement · December 11, 2019
Changed sentences against the previous scheduled statement (October 30, 2019)
7 unchanged · 4 changed · 0 added · 1 removed · words +22 / −65
- October 30, 2019
- 2 members voted against: Esther L. George, Eric S. Rosengren.
- December 11, 2019
- Unanimous.
Information received since the Federal Open Market Committee met in September October indicates that the labor market remains strong and that economic activity has been rising at a moderate rate.
In light of the implications of global developments for the economic outlook as well as muted inflation pressures, The Committee decided to lower maintain the target range for the federal funds rate to at 1-1/2 to 1-3/4 percent.
This action supports The Committee's view Committee judges that the current stance of monetary policy is appropriate to support 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.
The Committee will continue to monitor the implications of incoming information for the economic outlook, including global developments and muted inflation pressures, as it assesses the appropriate path of the target range for the federal funds rate.
Voting against this action were: 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.
Show the 7 unchanged sentences
Job gains have been solid, on average, in recent months, and the unemployment rate has remained low.
Although household spending has been rising at a strong pace, business fixed investment and exports remain weak.
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.
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 · October 30, 2019
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