A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting Nov. 1-2:
Now: "In view of realized and expected labor market conditions and inflation, the (Fed) decided to raise the target range for the federal funds rate to 1/2 to 3/4 percent. The stance of monetary policy remains accommodative."
Then: "Against this backdrop, the (Fed) decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent."
December: The Fed sees growth picking up a bit, to a "moderate" pace, which is faster than "modest" in Fed-speak: "Information received since the ... November (meeting) indicates that the labor market has continued to strengthen and that economic activity has been expanding at a moderate pace since mid-year."
November: "The labor market has continued to strengthen and growth of economic activity has picked up from the modest pace seen in the first half of this year."
December: The Fed sees some mild improvement in the job market as well: "Job gains have been solid in recent months and the unemployment rate has declined."
November: "Although the unemployment rate is little changed in recent months, job gains have been solid."