Comparison of June 25, April 30 FOMC statements
(Reuters) - The following is a comparison, side by side, of Wednesday's statement from the Federal Open Market Committee with the statement the committee issued on April 30 at the conclusion of its previous meeting.
To compare changes to Wednesday's statement with the April 30 statement, please click here
The statement of Federal Open Market Committee at the statement of Federal Open Market Committee at the conclusion of its meeting on June 25, 2008: conclusion of its meeting on April 30, 2008:
The Federal Open Market Committee decided today The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 lower its target for the federal funds rate 25 basis percent. points to 2 percent.
Recent information indicates that overall Recent information indicates that economic activity economic activity continues to expand, partly remains weak. Household and business spending has been reflecting some firming in household spending. subdued and labor markets have softened further. However, labor markets have softened further and Financial markets remain under considerable stress, financial markets remain under considerable stress. and tight credit conditions and the deepening housing Tight credit conditions, the ongoing housing contraction are likely to weigh on economic growth contraction, and the rise in energy prices are likely over the next few quarters. to weigh on economic growth over the next few quarters.
The Committee expects inflation to moderate Although readings on core inflation have improved later this year and next year. However, in light of somewhat, energy and other commodity prices have the continued increases in the prices of energy and increased, and some indicators of inflation some other commodities and the elevated state of some expectations have risen in recent months. The indicators of inflation expectations, uncertainty Committee expects inflation to moderate in coming about the inflation outlook remains high. quarters, reflecting a projected leveling-out of
energy and other commodity prices and an easing of
pressures on resource utilization. Still, uncertainty
about the inflation outlook remains high. It will be
necessary to continue to monitor inflation
developments carefully.
The substantial easing of monetary policy to date, The substantial easing of monetary policy to date, combined with ongoing measures to foster market combined with ongoing measures to foster market liquidity, should help to promote moderate growth liquidity, should help to promote moderate growth over time. Although downside risks to growth remain, time and to mitigate risks to economic activity. The they appear to have diminished somewhat, and the Committee will continue to monitor economic and upside risks to inflation and inflation expectations financial developments and will act as needed to have increased. The Committee will continue to promote sustainable economic growth and price monitor economic and financial developments and will stability. act as needed to promote sustainable economic growth and price stability.
Voting for the FOMC monetary policy action were: Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Donald L. Kohn, Randall S. Kroszner; Chairman; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Sandra Pianalto, Charles I. Frederic S. Mishkin; Sandra Pianalto; Gary H. Stern; Plosser, Gary H. Stern; and Kevin M. Warsh. and Kevin M. Warsh. Voting against were Richard W.
Fisher and Charles I. Plosser, who preferred no change Voting against was Richard W. Fisher, who preferred in the target for the federal funds rate at this an increase in the target for the federal funds rate meeting. at this meeting."
