FOMC statement of September 18, 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 September 18, 2024. Compared with the previous scheduled statement of July 31, 2024: 7 sentences changed, 1 was added, 3 were removed, and 6 stayed the same. In words: 73 added, 73 removed. The vote on this statement: 1 member voted against: Michelle W. Bowman. On the July 31, 2024 statement: Unanimous.
FOMC statement · September 18, 2024
Changed sentences against the previous scheduled statement (July 31, 2024)
6 unchanged · 7 changed · 1 added · 3 removed · words +73 / −73
- July 31, 2024
- Unanimous.
- September 18, 2024
- 1 member voted against: Michelle W. Bowman.
Job gains have moderated slowed, and the unemployment rate has moved up but remains low.
Inflation has eased over the past year but remains somewhat elevated.
In recent months, there Inflation has been some made further progress toward the Committee's 2 percent inflation objective but remains somewhat elevated.
The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals continue to move into better are roughly in balance.
In support light of its goals the progress on inflation and the balance of risks, the Committee decided to maintain lower the target range for the federal funds rate at 5-1/4 by 1/2 percentage point to 5-1/2 4-3/4 to 5 percent.
In considering any additional 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.
In addition, The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities.
The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
Austan D. Goolsbee voted as an alternate member at this meeting.
Voting against this action was Michelle W. Bowman, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting.
Show the 6 unchanged sentences
Recent indicators suggest that economic activity has continued to expand at a solid pace.
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 is attentive to the risks to both sides of its dual mandate.
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 · July 31, 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.
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.