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

On July 30th, local time, the Federal Reserve held steady as expected, maintaining the federal funds rate target range at 4.25% to 4.50%. The Fed's description of the economic outlook has changed somewhat since the June meeting. In this statement:

The Fed mentioned that fluctuations in net exports continue to affect the data, adding to the "continue" statement.

The Fed acknowledged that the U.S. economy has cooled, modifying the statement from "economic activity continues to expand steadily" to "economic activity growth has slowed in the first half of the year."

The Fed revised its description of uncertainty regarding the economic outlook, changing from "uncertainty about the economic outlook has decreased but remains elevated" in the June meeting to "uncertainty about the economic outlook remains elevated."

Nick Timiraos, a well-known financial journalist known as the "new Fed communicator," stated on platform X that the first two paragraphs of this statement were adjusted to reflect the latest market conditions, but there were no significant changes in wording.

At this meeting, two Fed governors—Bowman and Waller—cast dissenting votes, aligning with market expectations. They both favored a 0.25 percentage point reduction in the federal funds rate target range at this meeting. Additionally, Fed governor Cook was absent from this meeting and did not vote.

Full Translation of the Statement

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

Despite fluctuations in net exports continuing to affect (the) data, recent indicators suggest that economic activity growth has slowed in the first half of the year (continues to expand steadily). The unemployment rate remains low, 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 elevated. The Committee closely monitors risk factors that may affect its dual mandate.

To support its goals, the Committee decided to maintain the federal funds rate target range at 4.25% to 4.50%. In considering the degree and timing of any new adjustments to the federal funds rate target range, the Committee will carefully assess future 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 monetary policy stance, the Committee will continue to monitor the impact of the latest information on the economic outlook. Should 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 expectations, as well as data on changes in financial and international conditions.

Supporters of this monetary policy include: FOMC Chair Jerome H. Powell, Committee Vice Chair John C. Williams, Barr (Michael S The voting members who opposed this move included Michelle W. Bowman and Christopher J. Waller, who preferred to lower the federal funds rate target range by 0.25 percentage points at this meeting. Adriana D. Kugler was absent and did not vote