FOMC statement of December 15, 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 December 15, 2021. Compared with the previous scheduled statement of November 3, 2021: 5 sentences changed, 3 were added, 4 were removed, and 11 stayed the same. In words: 85 added, 172 removed. The vote on this statement: Unanimous. On the November 3, 2021 statement: Unanimous.
FOMC statement · December 15, 2021
Changed sentences against the previous scheduled statement (November 3, 2021)
11 unchanged · 5 changed · 3 added · 4 removed · words +85 / −172
- November 3, 2021
- Unanimous.
- December 15, 2021
- Unanimous.
The sectors most adversely affected by the pandemic have improved in recent months , but the summer's rise in continue to be affected by COVID-19 cases has slowed their recovery.
Inflation is elevated, largely reflecting factors that are expected to be transitory.
Job gains have been solid in recent months, and the unemployment rate has declined substantially.
Supply and demand imbalances related to the pandemic and the reopening of the economy have contributed continued to sizable price increases in some sectors contribute to elevated levels of inflation.
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.
Risks to the economic outlook remain, including from new variants of the virus.
In support of these goals, the Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent.
With inflation having exceeded 2 percent for some time, 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 light of inflation developments and the substantial further progress improvement in the economy has made toward the Committee's goals since last December labor market, the Committee decided to begin reducing reduce the monthly pace of its net asset purchases by $10 20 billion for Treasury securities and $5 10 billion for agency mortgage-backed securities.
Beginning later this month, the Committee will increase its holdings of Treasury securities by at least $70 billion per month and of agency mortgage‐backed securities by at least $35 billion per month.
Beginning in December January, the Committee will increase its holdings of Treasury securities by at least $60 40 billion per month and of agency mortgage-backed securities by at least $30 20 billion per month.
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.
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.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.
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.
The Federal Reserve's ongoing purchases 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.
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 · November 3, 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.
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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