by Calculated Risk on 3/21/2007 02:32:00 PM

Comparing the FOMC statement from today with January:

Economy:

Today:

"Recent indicators have been mixed and the adjustment in the housing sector is ongoing."

January:

"Recent indicators have suggested somewhat firmer economic growth, and some tentative signs of stabilization have appeared in the housing market."

Inflation:

Today:

"Recent readings on core inflation have been somewhat elevated."

January:

"Readings on core inflation have improved modestly in recent months ..."

Bias (slight change with different wording):

Today:

"... the Committee's predominant policy concern remains the risk that inflation will fail to moderate as expected."

January:

"The Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth ..."

Weaker economy with more inflation.