You know, sometimes it's what's not said that really matters.

From American public media, this is Marketplace.

In Los Angeles, I'm Kai Resolidous Wednesday, today's three May.

Good as always to have you along.

The Fed Chair, Jay Powell's press conferences, of which there was one today, they could all

the attention.

But the Central Bank is a firm believer in the written word too.

And after every meeting, the Federal Open Market Committee puts out a statement, a statement

that is parsed to the Nth degree for whatever message the Fed might be trying to send.

Sometimes it's just a single word that has changed.

Like today, it's all sentence that just disappears.

You will have noticed that in the statement from March, we had a sentence that said the

Committee anticipates that some additional policy firming may be appropriate.

We did indeed notice exactly what the Fed said back in March was this.

The Committee anticipates that some additional policy firming may be appropriate in order

to attain a stance of monetary policy that is sufficiently restrictive to return inflation

to 2% over time.

In other words, we think the Fed said we are going to have to keep on raising rates.

Again, that was back in March.

Here now is Powell today.

That sentence is not in the statement anymore.

We took that out.

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