What changes are there in the full text compared to the Federal Reserve's March meeting statement?

On March 19th, Wednesday, the Federal Reserve maintained its position as expected, keeping the federal funds rate target range at 4.25% to 4.50%. The Fed's description of the economic outlook has changed since the January meeting. In this statement: The Federal Reserve's March meeting added the statement "the uncertainty surrounding the U.S. economic outlook has increased." The Federal Reserve removed the previous statement from the January meeting "the Committee believes that the risks to achieving employment and inflation goals are broadly balanced." In this statement, the Federal Reserve announced it will slow down the balance sheet reduction starting in April, specifically targeting U.S. Treasury securities, with the monthly redemption cap reduced from $25 billion to $5 billion. The balance sheet reduction process for agency debt and agency mortgage-backed securities remains unchanged. The influential Fed Governor Christopher Waller cast the only dissenting vote in this meeting, supporting the maintenance of the federal funds target range but leaning towards continuing to reduce the securities holdings at the current pace. The full statement translation is as follows: The black font indicates parts that are the same as the January 2025 FOMC meeting statement, the red font indicates new additions in March 2025, and the blue font in parentheses indicates the deleted wording from the January statement (please indicate the source when reprinting): Recent indicators suggest that economic activity continues to expand steadily. In recent months, the unemployment rate has remained stable at a low level, and labor market conditions remain robust. Inflation levels remain slightly elevated. The Committee seeks to achieve maximum employment and a 2% inflation rate over the long term. The uncertainty surrounding the economic outlook has increased (the Committee believes that the risks to achieving employment and inflation goals are broadly balanced). The Committee is closely monitoring risk factors that may affect its dual mandate. To support its objectives, the Committee decided to maintain the federal funds rate target range at 4.25% to 4.50%. In considering the degree and timing of any adjustments to the federal funds rate target range, the Committee will carefully assess future data, evolving outlooks, and risk balances. The Committee will continue to reduce its holdings of U.S. Treasury securities, agency debt, and agency mortgage-backed securities. Starting in April, the Committee will slow the pace of decline in its securities holdings, reducing the monthly redemption cap for U.S. Treasury securities from $25 billion to $5 billion. The monthly redemption cap for agency debt and agency mortgage-backed securities will remain at $35 billion. The Committee is firmly committed to supporting maximum employment and returning inflation to its 2% target. In assessing the appropriate monetary policy stance, the Committee will continue to monitor the impact of the latest information on the economic outlook. Should risks emerge that could impede the achievement of its goals, the Committee will be prepared to adjust its monetary policy stance as appropriate. The Committee's assessment will reference a wide range of information, including labor market conditions, inflation pressures and expectations, as well as data on changes in financial and international conditions. Supporters of this monetary policy include: FOMC Chair Jerome H. Powell, Vice Chair John C. Williams, Michael S. Barr, Michelle W. Bowman, Susan M Collins, Cook (Lisa D. Cook), Goolsbee (Austan D. Goolsbee), Jefferson (Philip N. Jefferson), Kugler (Adriana D. Kugler), Musalem (Alberto G. Musalem), Schmid (Jeffrey R. Schmid), and Waller (Christopher J. Waller). Voting against this action was Waller, who supported maintaining the federal funds target range unchanged but leaned towards continuing to reduce the securities holdings at the current pace