An article comparing the changes in the Fed's March meeting statement

The black font is the same part as the FOMC meeting statement in January 2025, the red fontis the new part in March 2025, and the blue font in brackets is the deleted wording of the January statement:

Recent indicators suggest that economic activity continues to expand at a solid pace. The unemployment rate has stabilized at low levels in recent months, and labor market conditions remain solid. Inflation remains moderately elevated.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook has increased somewhat. The Committee judges that risks to achieving its employment and inflation goals are roughly balanced. The Committee monitors closely risks that could undermine the achievement of its dual mandate.

To support its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/25 to 4-1/2 percent. In considering the size and timing of any new adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the changing outlook, and the balance of risks. The Committee will continue to reduce its holdings of Treasury securities, agency debt, and agency mortgage-backed securities. Beginning in April, the Committee will slow the pace of decline in its securities holdings by reducing the monthly redemption limit on Treasury securities from $25 billion to $5 billion. The Committee will maintain the monthly redemption limit on agency debt and agency mortgage-backed securities at $35 billion. The Committee is strongly committed to supporting maximum employment and inflation returning to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee will be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the achievement of its goals. The Committee's assessments will be informed by a wide range of information, including labor market conditions, inflation pressures and inflation expectations, and data on financial and international developments.

Voters in favor of this monetary policy included: FOMC Chairman Jerome H. Powell, Committee Vice Chairman John C. Williams, Michael S. Barr, Michelle W. Bowman, Susan M. Collins, Lisa D. Cook, Austan D. Goolsbee, Philip N. Jefferson, Adriana D. Kugler, Alberto G. Musalem, Jeffrey R. Schmid and Christopher J. Waller.Voting against the action was Waller, who supported maintaining the federal funds target range but preferred to continue reducing securities holdings at the current pace.