> FOMC Statement Mar 22, 2023: What Changed
> Source: https://interestratedecision.com/fed/statements/march-2023/ · Content last changed: 2026-11-12
> InterestRateDecision.com: free to quote with a link to the page above.

The FOMC statement of Mar 22, 2023 against the one before it: 55 words added, 23 removed, shown in the Fed's own text.

# FOMC statement, Mar 22, 2023

Set against the statement of Feb 1, 2023: 55 words added, 23 removed, 234 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~ The U.S. banking system is ~causing tremendous human~ sound and resilient. Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic ~hardship~ activity, hiring, and inflation. The extent of these effects is ~contributing to elevated global uncertainty.~ uncertain. The Committee ~is~ remains 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 ~4-1/2 to~ 4-3/4 to 5 percent. The Committee will closely monitor incoming information and assess the implications for monetary policy. The Committee anticipates that ~ongoing increases in the target range will~ some additional policy firming may 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 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 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 labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Source: [the Federal Reserve’s release of Mar 22, 2023](https://www.federalreserve.gov/newsevents/pressreleases/monetary20230322a.htm).

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