FOMC statement of March 18, 2026
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 18, 2026. Compared with the previous scheduled statement of January 28, 2026: 2 sentences changed, 1 was added, 0 were removed, and 10 stayed the same. In words: 21 added, 10 removed. The vote on this statement: 1 member voted against: Stephen I. Miran. On the January 28, 2026 statement: 2 members voted against: Stephen I. Miran, Christopher J. Waller.
FOMC statement · March 18, 2026
Changed sentences against the previous scheduled statement (January 28, 2026)
10 unchanged · 2 changed · 1 added · 0 removed · words +21 / −10
- January 28, 2026
- 2 members voted against: Stephen I. Miran, Christopher J. Waller.
- March 18, 2026
- 1 member voted against: Stephen I. Miran.
Job gains have remained low, and the unemployment rate has shown some signs of stabilization been little changed in recent months.
The implications of developments in the Middle East for the U.S. economy are uncertain.
Voting against this action were was Stephen I. Miran and Christopher J. Waller, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting.
Show the 10 unchanged sentences
Available indicators suggest that economic activity has been expanding at a solid pace.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.
Uncertainty about the economic outlook remains elevated.
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 3‐1/2 to 3‐3/4 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 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 28, 2026
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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