Summary

  • Labor market remains strong with solid job gains. (no change)
  • Economic activity has been rising at a moderate rate. (no change)
  • Unemployment rate has remained low. (no change)
  • Growth of household spending has been rising at a strong pace. (changed)
  • Growth of business fixed investment and exports have weakened. (changed)
  • Inflation (nominal) is running below 2%. (no change)
  • Inflation (core) is running below 2%. (no change)
  • Market-based measures of inflation compensation remain low (from “have declined”). (no change)
  • Survey-based measures of longer-term inflation expectations are little changed. (no change)
  • Risks: implications of global developments for the economic outlook as well as muted inflation pressures (no change)
  • Lower the federal funds target rate range at 1-3/4 to 2 percent. (change)
  • In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. (new)
  • James Bullard wanted to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent. (new)
  • Esther L. George and Eric S. Rosengren preferred to maintain range at 2 to 2-1/4 percent. (new)

 

Here is the complete language change between July and September 2019 press releases.