FOMC statement of June 15, 2022
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 June 15, 2022. Compared with the previous scheduled statement of May 4, 2022: 5 sentences changed, 2 were added, 2 were removed, and 9 stayed the same. In words: 62 added, 63 removed. The vote on this statement: 1 member voted against: Esther L. George. On the May 4, 2022 statement: Unanimous.
FOMC statement · June 15, 2022
Changed sentences against the previous scheduled statement (May 4, 2022)
9 unchanged · 5 changed · 2 added · 2 removed · words +62 / −63
- May 4, 2022
- Unanimous.
- June 15, 2022
- 1 member voted against: Esther L. George.
Although Overall economic activity edged appears to have picked up after edging down in the first quarter, household spending and business fixed investment remained strong.
Job gains have been robust in recent months, and the unemployment rate has declined substantially remained low.
The implications for the U.S. economy are highly uncertain.
The invasion and related events are creating additional upward pressure on inflation and are likely to weigh weighing on global economic activity.
With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong.
In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3/4 1-1/2 to 1 1-3/4 percent and anticipates that ongoing increases in the target range will be appropriate.
In addition, the Committee decided to begin will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities on June 1, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in conjunction with this statement May.
The Committee is strongly committed to returning inflation to its 2 percent objective.
Voting against this action was Esther L. George, who preferred at this meeting to raise the target range for the federal funds rate by 0.5 percentage point to 1-1/4 percent to 1-1/2 percent.
Show the 9 unchanged sentences
Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures.
The invasion of Ukraine by Russia is causing tremendous human and economic hardship.
In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions.
The Committee is highly attentive to inflation risks.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.
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.
Patrick Harker voted as an alternate member at this meeting.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · May 4, 2022
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.
The vote lines show how the Committee voted on each statement and who voted against, as the statement itself reports it.
The comparison is made by a fixed rule, not by a model, and it reads nothing into the text.
The Fed’s text is shown in its original English and is not translated. This page only shows what changed in the text; it is not a reading of direction, tone or risk, and it is not part of the MVIE score. MVIE Pro is independent research and is not affiliated with the Federal Reserve.