A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting June 14-15:
Now: Fed policymakers added a sentence to signal that risks to the economy have faded: "Near-term risks to the economic outlook have diminished." The Fed "continues to closely monitor inflation indicators and global economic and financial developments."
Then: The Fed "continues to closely monitor inflation indicators and global economic and financial developments."
July: The economy is generating more jobs and lowering unemployment: "The labor market strengthened and ... economic activity has been expanding at a moderate rate. Job gains were strong in June following weak growth in May. On balance, payrolls and other labor market indicators point to some increase in labor utilization in recent months."
June: "The pace of improvement in the labor market has slowed while growth in economic activity appears to have picked up. Although the unemployment rate has declined, job gains have diminished."