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Statement A Little Softer On Growth

FED

Here's the statement comparison vs June:

  • The language "softens" a little on growth though points out robust job gains.
  • Adds "food" as a contributor to elevated inflation in addition to energy.
  • They call Russia's invasion of Ukraine an outright "war" rather than invasion.
  • They deleted the sentence "In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions."
  • No dissenters, as MNI expected.
  • Administered rates all in line.
  • Implementation note reflects the step-up in the balance sheet reduction pace in September.
  • Otherwise, that's it - on to the press conference.
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Here's the statement comparison vs June:

  • The language "softens" a little on growth though points out robust job gains.
  • Adds "food" as a contributor to elevated inflation in addition to energy.
  • They call Russia's invasion of Ukraine an outright "war" rather than invasion.
  • They deleted the sentence "In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions."
  • No dissenters, as MNI expected.
  • Administered rates all in line.
  • Implementation note reflects the step-up in the balance sheet reduction pace in September.
  • Otherwise, that's it - on to the press conference.