> FOMC Statement Feb 1, 2023: What Changed
> Source: https://interestratedecision.com/fed/statements/february-2023/ · Content last changed: 2026-11-12
> InterestRateDecision.com: free to quote with a link to the page above.

The FOMC statement of Feb 1, 2023 against the one before it: 11 words added, 38 removed, shown in the Fed's own text.

# FOMC statement, Feb 1, 2023

Set against the statement of Dec 14, 2022: 11 words added, 38 removed, 246 kept. The text is the Fed’s, with no reading of what a change means.

Added ~Removed~ Unmarked words are the same as before.

Russia's war against Ukraine is causing tremendous human and economic ~hardship. The war~ hardship and ~related events are~ is contributing to ~upward pressure on inflation and are weighing on~ elevated global ~economic activity.~ uncertainty. The Committee is highly attentive to inflation risks.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to ~4-1/4 to~ 4-1/2 to 4-3/4 percent. The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the ~pace~ extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in ~the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May.~ its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on ~public health,~ labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Source: [the Federal Reserve’s release of Feb 1, 2023](https://www.federalreserve.gov/newsevents/pressreleases/monetary20230201a.htm).

[← Dec 14, 2022](https://interestratedecision.com/fed/statements/december-2022/) [Mar 22, 2023 →](https://interestratedecision.com/fed/statements/march-2023/) · [All statements](https://interestratedecision.com/fed/statements/)

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