What changes are there in the full comparison with the Federal Reserve's June meeting statement?

On June 18th, local time, the Federal Reserve held steady as expected, maintaining the target range for the federal funds rate at 4.25% to 4.50%. The Fed's description of the economic outlook has changed compared to the May meeting. In this statement:

The Fed removed the description of the unemployment rate stabilizing at a low level in recent months, with wording largely consistent, only with minor changes, stating "the unemployment rate remains low."

The Fed modified "the uncertainty regarding the economic outlook has further increased" to "uncertainty has decreased, but remains at a high level."

The Fed deleted the statement "believes that the risks of high unemployment and high inflation have both increased."

Additionally, at the June meeting, Minneapolis Fed President Neel Kashkari did not vote as a substitute member, while Kansas Fed President Esther George attended and voted. All voters supported this monetary policy decision.

Full Statement Translation

The full statement translation is as follows. The black font indicates parts that are the same as the May 2025 FOMC meeting statement, the red font represents new additions in June 2025, and the blue font in parentheses indicates wording deleted from the May statement (please indicate the source when reprinting):

Despite fluctuations in net exports affecting the data, recent indicators suggest that economic activity continues to expand steadily. The unemployment rate remains low (stabilizing at a low level in recent months), and labor market conditions remain robust. Inflation levels remain slightly elevated.

The Committee seeks to achieve maximum employment and a 2% inflation rate over the long term. Uncertainty regarding the economic outlook has decreased, but remains at a high level (further increased). The Committee closely monitors risk factors that may affect its dual mandate (and believes that the risks of high unemployment and high inflation have both increased).

To support its goals, the Committee decided to maintain the target range for the federal funds rate at 4.25% to 4.50%. In considering the degree and timing of any future adjustments to the federal funds rate target range, the Committee will carefully assess incoming data, evolving outlooks, and risk balances. The Committee will continue to reduce its holdings of U.S. Treasury securities, agency debt, and agency mortgage-backed securities. The Committee is firmly committed to supporting maximum employment and returning inflation to its 2% target.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the impact of the latest information on the economic outlook. If risks emerge that could impede the achievement of its goals, the Committee will be prepared to adjust its monetary policy stance as appropriate. The Committee's assessment will reference a broad range of information, including labor market conditions, inflation pressures and inflation expectations, as well as data on changes in financial and international conditions.

Voters in favor of this monetary policy include: FOMC Chair Jerome H. Powell, Vice Chair John C. Williams, Michael S. Barr, Michelle W. Bowman, Susan M. Collins, Lisa D. Cook, Austan D. GoolsbeeGoolsbee, Philip N. Jefferson, Neel Kashkari, Adriana D. Kugler, Alberto G. Musalem, Jeffrey R. Schmid, and Christopher J. Waller. Kashkari voted as a substitute member in this meeting.

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