FOMC statement of July 30, 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 July 30, 2025. Compared with the previous scheduled statement of June 18, 2025: 2 sentences changed, 2 were added, 0 were removed, and 10 stayed the same. In words: 52 added, 13 removed. The vote on this statement: 2 members voted against: Michelle W. Bowman, Christopher J. Waller. On the June 18, 2025 statement: Unanimous.
FOMC statement · July 30, 2025
Changed sentences against the previous scheduled statement (June 18, 2025)
10 unchanged · 2 changed · 2 added · 0 removed · words +52 / −13
- June 18, 2025
- Unanimous.
- July 30, 2025
- 2 members voted against: Michelle W. Bowman, Christopher J. Waller.
Although swings in net exports have affected continue to affect the data, recent indicators suggest that growth of economic activity has continued to expand at a solid pace moderated in the first half of the year.
Uncertainty about the economic outlook has diminished but remains elevated.
Voting against this action were Michelle W. Bowman and Christopher J. Waller, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting.
Absent and not voting was Adriana D. Kugler.
Show the 10 unchanged sentences
The unemployment rate remains low, 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.
The Committee is attentive to the risks to both sides of its dual mandate.
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 · June 18, 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.
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.