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Economic Brief

July 7, 2021

Richmond Fed Research Examines Changes to FOMC Statement Language

A change in how the FOMC describes its approach to the federal funds rate target represents a significant shift in the committee’s thinking, according to the Richmond Fed’s latest Economic Brief.

Economist Alexander Wolman noted that this shift was significant from a historical perspective as well as the more immediate term. But, he also noted that there is theoretical support for both the earlier policy and that adopted in September.

The Richmond Fed’s Economic Brief series provides essays on economic issues and trends. Sign up to receive an email notification when a new essay is posted.

As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District — including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia — to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.


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