FOMC statement of May 1, 2024
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 1, 2024. Compared with the previous scheduled statement of March 20, 2024: 3 sentences changed, 3 were added, 0 were removed, and 11 stayed the same. In words: 90 added, 12 removed. The vote on this statement: Unanimous. On the March 20, 2024 statement: Unanimous.
FOMC statement · May 1, 2024
Changed sentences against the previous scheduled statement (March 20, 2024)
11 unchanged · 3 changed · 3 added · 0 removed · words +90 / −12
- March 20, 2024
- Unanimous.
- May 1, 2024
- Unanimous.
Recent indicators suggest that economic activity has been expanding continued to expand at a solid pace.
In recent months, there has been a lack of further progress toward the Committee's 2 percent inflation objective.
The Committee judges that the risks to achieving its employment and inflation goals are moving into have moved toward better balance over the past year.
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.
Beginning in June, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion.
The Committee will maintain the monthly redemption cap on agency debt and agency mortgage‐backed securities at $35 billion and will reinvest any principal payments in excess of this cap into Treasury securities.
Show the 11 unchanged sentences
Job gains have remained strong, and the unemployment rate has remained low.
Inflation has eased over the past year but remains elevated.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.
The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.
In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.
The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.
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 20, 2024
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.
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