A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting July 26-27:
RATE HIKE TIMING
Now: The Fed "judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives."
Then: The statement above is new and suggests an interest rate hike could be nearing.
September: This suggests there are fewer risks to growth: "Near-term risks to the economic outlook appear roughly balanced."
July: "Near-term risks to the economic outlook have diminished."
September: "Growth of economic activity has picked up from the modest pace seen in the first half of this year."
July: "Economic activity has been expanding at a moderate rate."