FOMC statement of November 3, 2021
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 November 3, 2021. Compared with the previous scheduled statement of September 22, 2021: 4 sentences changed, 5 were added, 3 were removed, and 11 stayed the same. In words: 188 added, 86 removed. The vote on this statement: Unanimous. On the September 22, 2021 statement: Unanimous.
FOMC statement · November 3, 2021
Changed sentences against the previous scheduled statement (September 22, 2021)
11 unchanged · 4 changed · 5 added · 3 removed · words +188 / −86
- September 22, 2021
- Unanimous.
- November 3, 2021
- Unanimous.
The sectors most adversely affected by the pandemic have improved in recent months, but the summer's rise in COVID-19 cases has slowed their recovery.
Inflation is elevated, largely reflecting factors that are expected to be transitory factors.
Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain.
Supply and demand imbalances related to the pandemic and the reopening of the economy have contributed to sizable price increases in some sectors.
Progress on vaccinations and an easing of supply constraints are expected to support continued gains in economic activity and employment as well as a reduction in inflation.
In light of the substantial further progress the economy has made toward the Committee's goals since last December, the Committee decided to begin reducing the monthly pace of its net asset purchases by $10 billion for Treasury securities and $5 billion for agency mortgage-backed securities.
Last December Beginning later this month, the Committee indicated that it would continue to will increase its holdings of Treasury securities by at least $80 70 billion per month and of agency mortgage-backed securities by at least $40 35 billion per month until substantial further progress has been made toward its maximum employment and price stability goals.
Since then, the economy has made progress toward these goals.
If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted.
Beginning in December, the Committee will increase its holdings of Treasury securities by at least $60 billion per month and of agency mortgage-backed securities by at least $30 billion per month.
The Committee judges that similar reductions in the pace of net asset purchases will likely be appropriate each month, but it is prepared to adjust the pace of purchases if warranted by changes in the economic outlook.
These asset The Federal Reserve's ongoing purchases help and holdings of securities will continue to foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses.
Show the 11 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.
With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen.
Overall financial conditions remain accommodative, 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 continues to depend on the course of the virus.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.
With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‐term inflation expectations remain well anchored at 2 percent.
The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved.
The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook.
The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals.
The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · September 22, 2021
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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