The Fed held their monetary policy meeting today and decided to leave rates unchanged, as expected. However, I couldn't help notice the difference in the first sentence on growth this statement versus last statement.
"Economic growth has moderated from its quite strong pace earlier this year, partly reflecting a gradual cooling of the housing market and the lagged effects of increases in interest rates and energy prices"
The moderation in economic growth appears to be continuing, partly reflecting a cooling of the housing market.
This almost sounds like a the sentence was literally chopped up. But notice the subtle differences.
1) The housing market is no longer "gradually" cooling. Now its just cooling
2) they didn't mention the lagged effects of past monetary policy, which are surely still at work.
3) They didn't mention energy prices (that one is easy since they have come down in recent months.
Anyway this is interesting if you are a fan of macroeconomics.