The Fed has slightly downgraded its outlook on the US economy and on housing, and also somewhat lowered its inflation outlook.
Economy: has added the phrase "Financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad."
On housing: In April, the Fed said that "Housing starts have edged up but remain at a depressed level."
This time, they simply said, "Housing starts remain at a depressed level."
Inflation: added the phrase "Prices of energy and other commodities have declined somewhat in recent months, and underlying inflation has trended lower."
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