FOMC statement of May 7, 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 May 7, 2025. Compared with the previous scheduled statement of March 19, 2025: 3 sentences changed, 1 was added, 3 were removed, and 9 stayed the same. In words: 34 added, 79 removed. The vote on this statement: Unanimous. On the March 19, 2025 statement: 1 member voted against: Christopher J. Waller.
FOMC statement · May 7, 2025
Changed sentences against the previous scheduled statement (March 19, 2025)
9 unchanged · 3 changed · 1 added · 3 removed · words +34 / −79
- March 19, 2025
- 1 member voted against: Christopher J. Waller.
- May 7, 2025
- Unanimous.
Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace.
Uncertainty around about the economic outlook has increased further.
The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.
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.
Neel Kashkari voted as an alternate member at this meeting.
Show the 9 unchanged sentences
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 · March 19, 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.
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