Comparison of Fed statements

A comparison of the Federal Reserve's statements from its meeting on Nov. 2-3 and the meeting that ended Tuesday.

TREASURY SECURITIES

November: The Fed said it would purchase an additional $600 billion in Treasury securities by the end of June 2011.

December: The Fed repeated its intention to purchase an additional $600 billion in Treasury securities by the end of June 2011.

UNEMPLOYMENT

November: The pace of recovery in output and employment continues to be slow.

December: The economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment.

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INFLATION

November: Longer-term inflation expectations have remained stable, but measures of underlying inflation have trended lower in recent quarters.

December: Longer-term inflation expectations have remained stable, but measures of underlying inflation have continued to trend downward.

INTEREST RATES

November: Left the federal funds rate target unchanged at a record low of zero to 0.25 percent, where it has been since December 2008, and repeated pledge to keep rates exceptionally low for an extended period.

December: Left the funds rate target unchanged at zero to 0.25 percent and repeated pledge to keep rates exceptionally low for an extended period.

ECONOMIC CONDITIONS

November: Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth and tight credit.

December: Household spending is increasing at a moderate pace, but remains constrained by high unemployment, modest income growth, lower housing wealth and tight credit.

HOUSING

November: Housing starts continue to be depressed.

December: The housing sector continues to be depressed.

FED GOALS

November: The Fed said that progress toward its goals of higher utilization of the economy's resources in the context of price stability had been disappointingly slow.

December: The Fed repeats that progress toward its economic goals had been disappointingly slow.

DISSENT

November: Kansas City Federal Reserve Bank President Thomas Hoenig dissented for a seventh consecutive meeting. He said that the risks stemming from the additional securities purchases outweighed the benefits and could increase inflation expectations in way that would destabilize the economy.

December: Hoenig dissented for an eighth consecutive meeting. He argued that in light of the improving economy a continued high level of credit easing could eventually destabilize the economy by increasing inflation expectations.