FOMC statement of March 19, 2025
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 March 19, 2025. Compared with the previous scheduled statement of January 29, 2025: 1 sentence changed, 4 were added, 1 was removed, and 10 stayed the same. In words: 85 added, 23 removed. The vote on this statement: 1 member voted against: Christopher J. Waller. On the January 29, 2025 statement: Unanimous.
FOMC statement · March 19, 2025
Changed sentences against the previous scheduled statement (January 29, 2025)
10 unchanged · 1 changed · 4 added · 1 removed · words +85 / −23
- January 29, 2025
- Unanimous.
- March 19, 2025
- 1 member voted against: Christopher J. Waller.
The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance.
Uncertainty around the economic outlook has increased.
The economic outlook is uncertain, and The Committee is attentive to the risks to both sides of its dual mandate.
Beginning in April, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $25 billion to $5 billion.
The Committee will maintain the monthly redemption cap on agency debt and agency mortgage-backed securities at $35 billion.
Voting against this action was Christopher J. Waller, who supported no change for the federal funds target range but preferred to continue the current pace of decline in securities holdings.
Show the 10 unchanged sentences
Recent indicators suggest that economic activity has continued to expand at a solid pace.
The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent.
In considering the extent and timing of 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 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.
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 · January 29, 2025
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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