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

Does AI · Waller’s voting shift reflect political influences?

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

• The Fed stated that the unemployment rate has remained relatively stable in recent months, removing the previous language of “showing signs of stabilization.”
• The Fed added that “the development of the Middle East situation remains uncertain in its impact on the U.S. economy.”

At this meeting, Fed Governor Milani voted against the decision, believing that a 25 basis point cut was appropriate, consistent with the stance at the January meeting. The Fed cut rates by 25 basis points at the September, October, and December meetings last year, with Milani voting against each time, advocating for a 50 basis point cut.

Additionally, Fed Governor Waller dissented at the January meeting, believing that a 25 basis point cut was appropriate; he supported holding rates steady this time. Waller’s vote in January meant he retained his candidacy for Fed Chair, as Trump hoped to appoint someone supportive of rate cuts as the next Fed Chair. Ultimately, Trump appointed Waller as the next Fed Chair.

Full Statement Translation

The full statement is translated 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 shows deleted wording from the January statement (please cite the source):

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

The Committee aims to achieve maximum employment and a 2% inflation rate over the long term. Uncertainty about the economic outlook remains elevated. The development of the Middle East situation 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 federal funds rate target range at 3.50% to 3.75%. When considering further adjustments to the target range, the Committee will carefully evaluate 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 affecting the economic outlook. If risks emerge that could hinder achieving its goals, the Committee stands ready to adjust monetary policy as appropriate. Its assessments will consider a wide range of information, including labor market conditions, inflation pressures and expectations, and data on financial and international developments.

Voting in favor of this monetary policy decision were: Federal Reserve 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. Those 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.