FOMC statement of July 29, 2020
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 July 29, 2020. Compared with the previous scheduled statement of June 10, 2020: 1 sentence changed, 2 were added, 1 was removed, and 12 stayed the same. In words: 44 added, 23 removed. The vote on this statement: Unanimous. On the June 10, 2020 statement: Unanimous.
FOMC statement · July 29, 2020
Changed sentences against the previous scheduled statement (June 10, 2020)
12 unchanged · 1 changed · 2 added · 1 removed · words +44 / −23
- June 10, 2020
- Unanimous.
- July 29, 2020
- Unanimous.
The virus and the measures taken to protect public health have induced sharp declines in economic activity and a surge in job losses.
Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year.
Overall financial conditions have improved in recent months, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The path of the economy will depend significantly on the course of the virus.
Show the 12 unchanged sentences
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world.
Weaker demand and significantly lower oil prices are holding down consumer price inflation.
The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term.
In light of these developments, the Committee decided to maintain the target range for the federal funds rate at 0 to 1/4 percent.
The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.
The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy.
In determining the timing and size of future adjustments to the stance of monetary policy, 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.
To support the flow of credit to households and businesses, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace to sustain smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions.
In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations.
The Committee will closely monitor developments and is prepared to adjust its plans as appropriate.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · June 10, 2020
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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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