For reference, here is the May 1 FOMC statement

I think it’s always a good idea to re-read the FOMC statement before the new release. I’ve highlighted areas I will be watching for changes:

Federal Reserve issues FOMC statement

Recent indicators suggest that economic activity has continued to
expand at a solid pace. Job gains have remained strong, and the
unemployment rate has remained low. Inflation has eased over the past
year but remains elevated. In recent months, there has been a lack of
further progress toward the Committee’s 2 percent inflation objective.

The Committee seeks to achieve maximum employment and inflation at
the rate of 2 percent over the longer run. The Committee judges that the
risks to achieving its employment and inflation goals have moved toward
better balance over the past year. The economic outlook is uncertain,
and the Committee remains highly attentive to inflation risks.

In support of its goals, the Committee decided to maintain the target
range for the federal funds rate at 5-1/4 to 5-1/2 percent. In
considering any adjustments to the target range for the federal funds
rate, the Committee will carefully assess incoming data, the evolving
outlook, and the balance of risks. The Committee does not expect it will
be appropriate to reduce the target range until it has gained greater
confidence that inflation is moving sustainably toward 2 percent. In
addition, the Committee will continue reducing its holdings of Treasury
securities and agency debt and agency mortgage‑backed securities.
Beginning in June, the Committee will slow the pace of decline of its
securities holdings by reducing the monthly redemption cap on Treasury
securities from $60 billion to $25 billion. The Committee will maintain
the monthly redemption cap on agency debt and agency mortgage‑backed
securities at $35 billion and will reinvest any principal payments in
excess of this cap into Treasury securities. The Committee is strongly
committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee
will continue to monitor the implications of incoming information for
the economic outlook. The Committee would be prepared to adjust the
stance of monetary policy as appropriate if risks emerge that could
impede the attainment of the Committee’s goals. The Committee’s
assessments will take into account a wide range of information,
including readings on labor market conditions, inflation pressures and
inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair;
John C. Williams, Vice Chair; Thomas I. Barkin; Michael S. Barr; Raphael
W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Philip N.
Jefferson; Adriana D. Kugler; Loretta J. Mester; and Christopher J.
Waller.

This article was written by Adam Button at www.forexlive.com.