June: Fed policymakers promise to take more steps, if needed, to assist both the economy and job market. The Fed “is prepared to take further action as appropriate to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability.”

UNEMPLOYMENT:

Then: “Labor market conditions have improved in recent months; the unemployment rate has declined but remains elevated.” The Fed “anticipates that the unemployment rate will decline gradually.”

Now: Fed policymakers are more bearish on employment: “Growth in employment has slowed in recent months, and the unemployment rate remains elevated.” The Fed “anticipates that the unemployment rate will decline only slowly.”

ECONOMY:

Then: The Fed “expects economic growth to remain moderate over coming quarters and then to pick up gradually.”

Now: The Fed has added “very” to that sentence: It “expects economic growth to remain moderate over coming quarters and then to pick up very gradually.”

CONSUMER AND BUSINESS SPENDING:

Then: “Household spending and business fixed investment have continued to advance.”

Now: “Business fixed investment has continued to advance. Household spending appears to be rising at a somewhat slower pace than earlier in the year.”

INFLATION:

Then: “Inflation has picked up somewhat, mainly reflecting higher prices of crude oil and gasoline.”

Now: “Inflation has declined, mainly reflecting lower prices of crude oil and gasoline.”