ECONOMY:
May: The Fed "continues to see downside risks to the economic outlook."
June: Now, Fed policymakers see "the downside risks to the outlook for the economy and the labor market as having diminished since the fall."
JOBS:
Then: "Labor market conditions have shown some improvement in recent months, on balance, but the unemployment rate remains elevated."
Now: More improvement has been seen: "Labor market conditions have shown further improvement in recent months, on balance, but the unemployment rate remains elevated."
INFLATION:
Then: "Inflation has been running somewhat below the Committee's longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices."
Now: The Fed says that recent declines in inflation are likely temporary: "Partly reflecting transitory influences, inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable." |