FOMC STATEMENT COMPARE:

A statement redline is the standard way the committee's incremental signal is extracted, and historically the market-moving changes have been small ones: a single word in the growth or inflation assessment, a shift in the risk-balance language, or an altered qualifier on the policy stance. The distinction that has mattered across past cycles is between changes to the assessment paragraph, which describe conditions, and changes to the guidance sentence, which describe intent; the former tends to move the front end briefly, the latter durably. An unchanged statement is itself information, since it has typically been read as the committee seeing no reason to adjust the path, while edits clustered around the balance-of-risks wording have preceded pivots more reliably than edits to the activity description. Dissent patterns and any new or dropped phrasing in the final paragraph are the usual tells. The press conference that follows has frequently diluted or amplified what the redline suggested, so the statement read has tended to be provisional until the chair's framing is heard.