A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting Jan. 31-Feb. 1:
Now: The Fed sees inflation as much closer to its target: "Inflation has increased in recent quarters, moving close to the (Fed's) 2 percent longer-run objective ...."
Then: "Inflation increased in recent quarters but is still below the (Fed's) 2 percent longer-run objective."
FED MAY TOLERATE HIGHER INFLATION:
Now: The use of the word "symmetric" means the Fed will allow inflation to move above its target, to offset the many years it was stuck below 2 percent. The Fed "will carefully monitor actual and expected inflation developments relative to its symmetric inflation goal."
Then: "In light of the current shortfall of inflation from 2 percent, the (Fed) will carefully monitor actual and expected progress toward its inflation goal."