What changes are there in the full comparison of the Federal Reserve's January meeting statement?

On Wednesday, January 28, local time, the Federal Reserve held steady as expected, indicating no rush to act, but Federal Reserve Governor Christopher Waller supports a further rate cut of 25 basis points. In this statement, the Federal Reserve's description of the U.S. economic outlook has been adjusted compared to the December meeting last year: The full translation of the statement is as follows. The black font indicates parts that are the same as the December 2025 FOMC meeting statement, the red font represents new additions for January 2026, and the blue font in parentheses indicates wording deleted from the December statement (please indicate the source when reprinting): Available indicators suggest that economic activity is expanding at a robust (moderate) pace. (Since the beginning of this year) job growth remains slow (has slowed), and the unemployment rate has shown some signs of stabilization (has risen as of September; more recent indicators are consistent with these changes). Inflation (has risen compared to the beginning of the year) remains slightly elevated. The Committee seeks to maximize employment and achieve a 2% inflation rate over the long term. Uncertainty regarding the economic outlook remains high. The Committee is closely monitoring risk factors that may affect its dual mandate (and assesses that the downside risks to employment have increased in recent months). To support its goals, (and considering the changes in risk balance,) the Committee decided to maintain the target range for the federal funds rate at (a reduction of 0.25 percentage points to) 3.50% to 3.75%. In considering the magnitude and timing of further adjustments to the federal funds rate target range, the Committee will carefully assess future data, evolving outlooks, and risk balances. 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 latest information's impact on the economic outlook. Should risks arise that may 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. (The Committee believes that reserve balances have fallen to adequate levels and will purchase short-term U.S. Treasury securities as needed to maintain a continuously adequate supply of reserves.) Those in favor of this monetary policy include: FOMC Chair Jerome H. Powell, Vice Chair John C. Williams, Michael S. Barr, Michelle W. Bowman, (Susan M. Collins,) Lisa D. Cook, Beth M. Hammack, Philip N. Jefferson, Neel Kashkari, Lorie K. Logan, and Anna Paulson (Alberto G. Musalem and Christopher J. Waller). Those voting against this move include Stephen I Miran) and Waller (Christopher J. Waller), who tend to lower the federal funds rate target range by 0.5 percentage points at this meeting, and Goolsbee (Austan D. Goolsbee) and Schmid (Jeffrey R. Schmid), who tend to keep the federal funds rate target range unchanged at this meeting. The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the individual user's specific investment goals, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article are consistent with their specific circumstances. Investing based on this is at one's own risk