FOMC statement of May 3, 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 May 3, 2023. Compared with the previous scheduled statement of March 22, 2023: 5 sentences changed, 1 was added, 2 were removed, and 9 stayed the same. In words: 34 added, 68 removed. The vote on this statement: Unanimous. On the March 22, 2023 statement: Unanimous.
FOMC statement · May 3, 2023
Changed sentences against the previous scheduled statement (March 22, 2023)
9 unchanged · 5 changed · 1 added · 2 removed · words +34 / −68
- March 22, 2023
- Unanimous.
- May 3, 2023
- Unanimous.
Recent indicators point to modest growth in spending and production.
Economic activity expanded at a modest pace in the first quarter.
Job gains have picked up been robust in recent months, and are running at a robust pace; the unemployment rate has remained low.
Recent developments are likely to result in Tighter credit conditions for households and businesses and are likely to weigh on economic activity, hiring, and inflation.
The extent of these effects is remains uncertain.
In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-3/4 5 to 5 5-1/4 percent.
The Committee anticipates that some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.
In determining the extent of future increases in the target range to which additional policy firming may be appropriate to return inflation to 2 percent over time, 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.
Show the 9 unchanged sentences
The U.S. banking system is sound and resilient.
The Committee remains 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 will closely monitor incoming information and assess the implications for monetary policy.
In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans.
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 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 · March 22, 2023
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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