What are the differences in the full text comparison of the Federal Reserve's July meeting statement?

On Wednesday, July 29 local time, the Federal Reserve chose to stand pat. In this statement, there was little overall change in the Fed’s outlook for the U.S. economy compared to the June meeting this year, with some adjustments as follows:

• Among the twelve members with FOMC voting rights this year, nine supported keeping rates unchanged, while three opposed (Hammack, Kashkari, Logan).
• The wording changed from "reaffirm" to "continue to implement".

As before, this statement continues to emphasize the Fed’s commitment to achieving price stability. It reiterates that the conflict in the Middle East has led to heightened economic uncertainty, inflation remains elevated—partly due to rising energy prices—while economic expansion is steady and the unemployment rate is largely unchanged.

This statement repeats the evaluation of inflation from the previous one: “Relative to the committee’s 2% target, the inflation rate remains elevated, reflecting in part supply shocks that have driven up prices in specific sectors, including energy.”

Full Statement Translation

The full statement translation is as follows. Text in black is identical to the July 2026 FOMC statement, red text reflects new additions in July 2026, and text in parentheses with blue font represents deletions from the June statement (please credit the source if reposted):

The Federal Open Market Committee approved the release of the following statement by a vote of 9 to 3(12 to 0):

The Committee decided to maintain the target range for the federal funds rate at 3.5% to 3.75%, in support of the Federal Reserve’s dual mandate. The Committee will continue to implement(reaffirm) the policy of maintaining ample reserves in the banking system.

Despite persistent uncertainty (in part due to the conflict in the Middle East), economic activity is continuing to expand at a solid pace. Productivity growth and capital investment remain strong. Job growth is keeping pace with labor force expansion, and the unemployment rate has changed little.

Inflation remains above the Committee’s 2% target, partly due to supply shocks driving up prices in certain sectors, including energy. The Committee is committed to achieving price stability.

Committee members Beth M. Hammack, Neel Kashkari, and Lorie K. Logan voted against this monetary policy action, preferring at this meeting to raise the target range for the federal funds rate by 25 basis points.