The FOMC released its first policy statement under new chair Wash. The June
statement was just 132 words versus 345 in April, a marked reduction. The format
changed: the policy decision is presented first, followed only by a brief
economic summary. The statement also dropped any disclosure of which officials
voted for or against the decision and the reasons for dissent. Overall the
wording tightens forward guidance and the shorter text reduces observers'
ability to parse subtle phrasing for policy signals.
