![Federal Reserve FOMC building](https://images.forexlive.com/images/Federal%20Reserve%20FOMC%20building_id_e871b096-9ab1-4917-9d71-1b4b6da2572a_original.jpg)
- Prior was 5.25-5.50%
- Recent indicators suggest that economic activity has been expanding at a solid pace
- Removes reference to 'additional policy firming'
- The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.
- Inflation has eased over the past year but remains elevated.
- Entire paragraph about banking system and tighter financial conditions removed
- Says risks to employment and inflation goals are "moving into better balance"
So the main line about a hiking bias was removed but it was replaced with a pushback against cutting too soon. Now Powell will be asked about what it will take to get 'great confidence" that inflation is sustainably headed to 2%.
On net, I take this as a bit hawkish as it seems to be a direct pushback against a March cut, which was 62% priced in before the statement was released. The US dollar is 20-30 pips higher across the board and stocks are at the lows of the day.
Overall, the statement was almost completely re-written.
![FOMC redline](https://images.forexlive.com/images/FOMC%20redline_id_39b670e0-ed78-4400-9077-0ab431b98061_original.jpg)