Mr Stevens' statement contained only minor changes as the central bank did not want to rock the boat ahead of its summer break, JP Morgan economist Tom Kennedy says. The board's next meeting is in February.

Here are the three changes:

(1) November: There has been an improvement in indicators of household and business sentiment recently, but it is still too soon to judge how persistent this will be.

December: There has been an improvement in indicators of household and business sentiment recently, but it is still unclear how persistent this will be.

(2) November: Recent data on prices show inflation consistent with the medium-term target.

December: Recent data on prices and wages show inflation consistent with the medium-term target.

(3) November: Housing and equity markets have strengthened further, trends which should in time be supportive of investment.

December: Housing and equity markets have strengthened further over recent months, trends which should in time be supportive of investment.