FOMC statement of September 21, 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 September 21, 2022. Compared with the previous scheduled statement of July 27, 2022: 3 sentences changed, 0 were added, 0 were removed, and 10 stayed the same. In words: 7 added, 6 removed. The vote on this statement: Unanimous. On the July 27, 2022 statement: Unanimous.
FOMC statement · September 21, 2022
Changed sentences against the previous scheduled statement (July 27, 2022)
10 unchanged · 3 changed · 0 added · 0 removed · words +7 / −6
- July 27, 2022
- Unanimous.
- September 21, 2022
- Unanimous.
Recent indicators of point to modest growth in spending and production have softened.
Nonetheless, Job gains have been robust in recent months, and the unemployment rate has remained low.
In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2-1/4 3 to 2-1/2 3-1/4 percent and anticipates that ongoing increases in the target range will be appropriate.
Show the 10 unchanged sentences
Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.
Russia's war against Ukraine is causing tremendous human and economic hardship.
The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity.
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 addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May.
The Committee is strongly committed to returning inflation to its 2 percent objective.
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 · July 27, 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.