A look at how the Fed's views have changed on the economy and its bond purchase program

A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting March 18-19:

ECONOMY:

Now: Fed policymakers see some improvement: "Information received since the (Fed) met in March indicates that growth in economic activity has picked up recently. ... Household spending appears to be rising more quickly. Business fixed investment edged down, while the recovery in the housing sector remained slow."

Then: Its assessment of the economy was weaker: "Information received since the (Fed) met in January indicates that growth in economic activity slowed during the winter months, in part reflecting adverse weather conditions. ... Household spending and business fixed investment continued to advance, while the recovery in the housing sector remained slow."

BOND PURCHASES:

April: "Beginning in May, the (Fed) will add to its holdings of agency mortgage-backed securities at a pace of $20 billion per month rather than $25 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $25 billion per month rather than $30 billion per month."

March: "Beginning in April, the (Fed) will add to its holdings of agency mortgage-backed securities at a pace of $25 billion per month rather than $30 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $30 billion per month rather than $35 billion per month."