What changes are there in the full comparison with the Federal Reserve's April meeting statement?

What changes are there in the full comparison with the Federal Reserve's April meeting statement?

On Wednesday, April 29th local time, the Federal Reserve kept rates unchanged as expected. In this statement, the Fed’s outlook on the U.S. economy shows little overall change from the March meeting, with a few adjustments:

  • The Fed added the qualifier “on average” to its statement that “job growth remains slow.”
  • The Fed’s statement on inflation changed from “still slightly elevated” to “inflation remains high”, with an explanation—“partly due to recent global energy price increases.”
  • The Fed emphasized the uncertainty stemming from the Middle East situation, stating: “Developments in the Middle East bring high uncertainty to the economic outlook,” which goes further than last time’s “uncertainty remains elevated” and “impact still uncertain.”

As expected, Fed board member Miran again voted against the majority, advocating a 25 basis point rate cut, consistent with his position in the January and March meetings. The Fed cut rates by 25 basis points in the September, October, and December meetings last year, and Miran voted against all three times, believing a 50 basis point cut was needed.

Three other voting members also cast dissenting votes in this meeting: Cleveland Fed President Beth M. Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie K. Logan. Although all three support keeping the target rate range unchanged, they disagree with including any easing bias language in this FOMC statement.

Full Statement Translation

The full translation of the statement is as follows. Black text indicates content unchanged from the March 2026 FOMC statement, red text indicates new content added in April 2026, and blue text in parentheses shows phrasing deleted from the March statement (please credit this source if reposting):

(available)Recent indicators show that economic activity is expanding at a steady pace. (On average), job growth remains slow and the unemployment rate has changed little in recent months. Inflation remains high(still slightly elevated), partly due to recent global energy price increases.

The Committee seeks over time to achieve maximum employment and 2 percent inflation. Developments in the Middle East bring high uncertainty to the economic outlook.(Uncertainty about the economic outlook remains elevated. The impact of Middle East developments on the U.S. economy is still uncertain.) The Committee remains attentive to the risks that might affect its dual mandate.

To support its goals, the Committee decided to maintain the target range for the federal funds rate at 3.50% to 3.75%. In considering the extent and timing of any further adjustments to the target range for the federal funds rate, the Committee will closely assess incoming data, evolving outlook, and the balance of risks. The Committee is firmly committed to supporting maximum employment and returning inflation to its 2 percent target.

In evaluating the appropriate stance of monetary policy, the Committee will continue to monitor how the latest information affects the economic outlook. If risks emerge that could hinder achieving its goals, the Committee is prepared to adjust its policy stance as appropriate. The assessment will take into account a wide range of information, including conditions in the labor market, inflation pressures and expectations, as well as financial and international developments.

Voting in favor of this monetary policy action: 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. Voting against this action: Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 0.25 percentage points at this meeting(.); Hammack, Kashkari, and Logan supported keeping the rate unchanged but did not agree to include any easing bias language in the statement.

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