A comparison of the Federal Reserve's statements from its last meeting on June 22-23 and the meeting Wednesday.
RECOVERY SPEED
June: "The economic recovery is proceeding and ... the labor market is improving gradually."
August: "The pace of recovery in output and employment has slowed in recent months."
ECONOMIC CONDITIONS
June: "Household spending is increasing but remains constrained by high unemployment, modest income growth, lower housing wealth and tighter credit."
August: "Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth and tight credit."
HOUSING
June: "Housing starts remain at a depressed level."
August: "Housing starts remain at a depressed level."
INTEREST RATES
April: Leaves federal funds rate target unchanged at a record low of zero to 0.25 percent, where it has been since December 2008, and repeats pledge to keep rates "exceptionally low" for "an extended period."
August: Leaves federal funds rate target unchanged and once again repeats pledge to keep rates "exceptionally low" for "an extended period."
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