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Comparison of Fed statements (AP)

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(AP)
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A comparison of the Federal Reserve’s statements from its meeting on Nov. 2-3 and the meeting that ended Tuesday.

TREASURY SECURITIES

November: The Fed said it would purchase an additional $600 billion in Treasury securities by the end of June 2011.

December: The Fed repeated its intention to purchase an additional $600 billion in Treasury securities by the end of June 2011.

UNEMPLOYMENT

November: “The pace of recovery in output and employment continues to be slow.”

December: “The economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment.”

INFLATION

November: “Longer-term inflation expectations have remained stable, but measures of underlying inflation have trended lower in recent quarters.”

December: “Longer-term inflation expectations have remained stable, but measures of underlying inflation have continued to trend downward.”

INTEREST RATES

November: Left the federal funds rate target unchanged at a record low of zero to 0.25 percent, where it has been since December 2008, and repeated pledge to keep rates “exceptionally low” for “an extended period.”

December: Left the funds rate target unchanged at zero to 0.25 percent and repeated pledge to keep rates “exceptionally low” for “an extended period.”

ECONOMIC CONDITIONS

November: “Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth and tight credit.”

December: “Household spending is increasing at a moderate pace, but remains constrained by high unemployment, modest income growth, lower housing wealth and tight credit.”

HOUSING

November: “Housing starts continue to be depressed.”

December: “The housing sector continues to be depressed.”

FED GOALS

November: The Fed said that progress toward its goals of higher utilization of the economy’s resources in the context of price stability had been “disappointingly slow.”

December: The Fed repeats that progress toward its economic goals had been “disappointingly slow.”

DISSENT

November: Kansas City Federal Reserve Bank President Thomas Hoenig dissented for a seventh consecutive meeting. He said that the risks stemming from the additional securities purchases outweighed the benefits and could increase inflation expectations in way that would destabilize the economy.

December: Hoenig dissented for an eighth consecutive meeting. He argued that in light of the improving economy a continued high level of credit easing could eventually destabilize the economy by increasing inflation expectations.

The breaking news, Comparison of Fed statements
(AP)
excerpt from US Economy

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