The Following Statement Is from the October 29, 2014, FOMC

Essay

The following statement is from the October 29, 2014, FOMC meeting:
"The Committee judges that there has been a substantial improvement in the outlook for the labor market since
the inception of its current asset purchase program. . . . Accordingly, the Committee decided to conclude its
asset purchase program this month. . . . To support continued progress toward maximum employment and
price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the
federal funds rate remains appropriate."
And from the December 16, 2015, statement:
"Given the economic outlook, and recognizing the time it takes for policy actions to affect future economic
outcomes, the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent."
What is the importance of these statements?