Here’s a summary of the three changes made from January to March:

Change 1 — Unemployment language (Paragraph 1): The Fed softened its characterization. “Has shown some signs of stabilization” was replaced with the more neutral “has been little changed in recent months” — removing any implication of improvement.

Change 2 — New sentence added (Paragraph 2): An entirely new sentence was inserted: “The implications of developments in the Middle East for the U.S. economy are uncertain.” This is a significant addition, flagging geopolitical risk as a formal concern in the policy statement.

Change 3 — Voting dissent (Voting section): Christopher J. Waller flipped from dissenter to voter in favor of holding rates. That leaves Stephen I. Miran as the lone dissenter — down from two. The grammar shifted accordingly (“were” → “was”).