FOMC statement of December 13, 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 December 13, 2023. Compared with the previous scheduled statement of November 1, 2023: 2 sentences changed, 1 was added, 0 were removed, and 13 stayed the same. In words: 17 added, 3 removed. The vote on this statement: Unanimous. On the November 1, 2023 statement: Unanimous.
FOMC statement · December 13, 2023
Changed sentences against the previous scheduled statement (November 1, 2023)
13 unchanged · 2 changed · 1 added · 0 removed · words +17 / −3
- November 1, 2023
- Unanimous.
- December 13, 2023
- Unanimous.
Recent indicators suggest that growth of economic activity expanded at a has slowed from its strong pace in the third quarter.
Inflation has eased over the past year but remains elevated.
In determining the extent of any additional policy firming that 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 13 unchanged sentences
Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low.
The U.S. banking system is sound and resilient.
Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation.
The extent of these effects remains uncertain.
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.
In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.
The Committee will continue to assess additional information and its 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 · November 1, 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.
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.