FOMC statement of February 1, 2023
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 February 1, 2023. Compared with the previous scheduled statement of December 14, 2022: 5 sentences changed, 1 was added, 2 were removed, and 8 stayed the same. In words: 20 added, 61 removed. The vote on this statement: Unanimous. On the December 14, 2022 statement: Unanimous.
FOMC statement · February 1, 2023
Changed sentences against the previous scheduled statement (December 14, 2022)
8 unchanged · 5 changed · 1 added · 2 removed · words +20 / −61
- December 14, 2022
- Unanimous.
- February 1, 2023
- Unanimous.
Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.
Inflation has eased somewhat but remains elevated.
Russia's war against Ukraine is causing tremendous human and economic hardship and is contributing to elevated global uncertainty.
The war and related events are contributing to upward pressure on inflation and are weighing on global economic activity.
In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-1/4 4-1/2 to 4-1/2 4-3/4 percent.
In determining the pace extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.
In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the its previously announced plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May.
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.
Show the 8 unchanged sentences
Recent indicators point to modest growth in spending and production.
Job gains have been robust in recent months, and the unemployment rate has remained low.
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.
The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.
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.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · December 14, 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.
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