Full text comparison of what changes occurred in the Fed's March meeting statement

On Wednesday, January 18th, local time, the Federal Reserve held steady as expected. In this statement, the Fed’s outlook on the U.S. economy shows little change from the January meeting earlier this year, with some adjustments including:

• The Fed states that unemployment has remained relatively stable in recent months, removing the previous language indicating signs of stabilization.
• The Fed added a new statement: “The development of Middle East tensions remains uncertain in its impact on the U.S. economy.”

At this meeting, Fed Governor Milan voted against the decision, believing that a 25 basis point rate cut was appropriate, consistent with the stance taken at the January meeting. The Fed cut rates by 25 basis points at the September, October, and December meetings last year, and Milan voted against all three, arguing for a 50 basis point cut.

Additionally, Fed Governor Waller dissented at the January meeting, when he believed a 25 basis point rate cut was appropriate. He supported holding rates steady at this meeting. Waller’s vote in January helped preserve his candidacy for Fed Chair, as President Trump preferred a candidate supportive of rate cuts. Ultimately, Trump appointed WASHINGTON as the next Fed Chair.

Full Text of the Statement Translation

The full translation of the statement is as follows. Black text indicates parts identical to the January 2026 FOMC statement, red text highlights additions from March 2026, and blue text in parentheses indicates wording removed from the January statement (please cite the source):

Available indicators suggest that economic activity is expanding at a solid pace. Employment growth remains slow, and the unemployment rate has been relatively stable in recent months (showing signs of stabilization). Inflation remains slightly elevated.

The Committee seeks to achieve maximum employment and a 2% inflation rate over the longer term. Uncertainty about the economic outlook remains elevated. The development of Middle East tensions remains uncertain in its impact on the U.S. economy. The Committee closely monitors risks that could affect its dual mandate.

To support its goals, the Committee has decided to keep the target range for the federal funds rate at 3.50% to 3.75%. When considering further adjustments to the target range, the Committee will carefully assess upcoming data, evolving outlooks, and risk balance. The Committee remains 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 latest information on the economic outlook. If risks emerge that could hinder achieving its goals, the Committee is prepared to adjust monetary policy accordingly. Its assessments will consider a wide range of information, including labor market conditions, inflation pressures and expectations, and financial and international developments.

Voting in favor of this monetary policy decision were: FOMC Chair Jerome H. Powell, Vice Chair John C. Williams, Michael S. Barr, Michelle W. Bowman, Lisa D. Cook, Beth M. Hammack, Philip N. Jefferson, Neel Kashkari, Lorie K. Logan, Anna Paulson, and Christopher J. Waller. Members voting against included Stephen I. Miran and Christopher J. Waller, who favored a 0.25 percentage point reduction in the federal funds rate target range at this meeting.

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