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 moderate pace. (changed)
  • Growth of business fixed investment and exports remains weak (no change)
  • Inflation (core) is running below 2%. (no change)
  • Market-based measures of inflation compensation remain low. (no change)
  • Survey-based measures of longer-term inflation expectations are little changed. (no change)
  • Maintain the federal funds target rate range at 1-1/2 to 1-3/4 percent. (no change)
  • The Committee judges the current stance of monetary policy as appropriate. (no change)
  • Implications of global developments for the economic outlook as well as muted inflation pressures continue to be monitored. (no 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. (no change)
  • All voting members are aligned with this decision. (no change)

Here is the complete language change between December 2019 to January 2020 press releases.