Fed makes two tweaks that are a bit more hawkish

There were two changes in the FOMC statement relative to the one given in December of note. On the labor market they said “The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid.” This compares to the previous statement that said “Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low.”

Today’s line would be a bit more hawkish way of describing things I’d say.

On inflation, all they said was “Inflation remains somewhat elevated.” They cut out half the sentence which included this line seen in December when they said “Inflation has made progress toward the Committee’s 2% objective but remains somewhat elevated.”

So, does that imply they think they’ve stopped making progress? A bit more hawkish here too.