A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting on June 18-19:
June: "Economic activity has been expanding at a moderate pace. ... The (Fed) expects that, with appropriate policy accommodation, economic growth will proceed at a moderate pace and the unemployment rate will gradually decline."
July: The Fed downgrades its view of economic growth from "moderate" to "modest," but expects improvement later this year: "Economic activity expanded at a modest pace during the first half of the year. ... The (Fed) expects that, with appropriate policy accommodation, economic growth will pick up from its recent pace and the unemployment rate will gradually decline."
Then: The Fed "also anticipates that inflation over the medium term likely will run at or below its 2 per cent objective."
Now: Fed officials expressed more concern about inflation, which has slowed: The Fed "recognizes that inflation persistently below its 2 per cent objective could pose risks to economic performance, but it anticipates that inflation will move back toward its objective over the medium term."
Then: "The housing sector has strengthened further."
Now: "The housing sector has been strengthening, but mortgage rates have risen somewhat."