As expected, Fed policymakers left the target range for the federal funds rate unchanged at 0% to 0.25% and maintained monthly bond purchases of at least $120 billion. The statement issued after the meeting was much the same as the December version. It is worth noting that the Fed believes that progress in COVID-19 vaccination will largely affect the path of the economy. In addition, policymakers noted that the pace of recovery in economic activity and employment had slowed in recent months, and that the weakness was concentrated in the areas most affected by the pandemic.Let's take a look at the similarities and differences between the January and December statements.similarityThe Committee decided to maintain the target range for the federal funds rate at 0% to 0.25% and anticipates that it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessment of full employment, and inflation has risen to 2 percent and is expected to exceed 2 percent moderately for some time. The Committee expects to maintain the accommodative stance of monetary policy until it achieves these objectives. The Committee seeks to achieve full employment and 2 percent inflation over an extended period. The Committee will seek to achieve inflation moderately above 2 percent for some time so that longer-run inflation averages 2 percent and longer-run inflation expectations remain firmly anchored at 2 percent. The Federal Reserve will increase its holdings of Treasury securities by at least $80 billion per month and agency mortgage-backed securities by at least $40 billion per month until substantial further progress has been made towards the Committee's objectives of full employment and price stability. The Federal Reserve is committed to using its full range of tools to support the U.S. economy during this challenging period in order to promote its objectives of full employment and price stability.difference① Recent situation:January: The pace of recovery in economic activity and employment has slowed in recent months, with the weakness concentrated in the areas most affected by the pandemic December: Economic activity and employment continue to recover, but remain well below levels seen at the beginning of the year 2 Factors affecting the path: January: The path of the economy will depend largely on the evolution of the outbreak, including progress on vaccinations December: The economic path will largely depend on the evolution of the epidemic ③ Risks: January: The current ongoing public health crisis poses a considerable risk to the economic outlook December: The current ongoing public health crisis poses a considerable risk to the medium-term economic outlook ④ Voters: January: Thomas I. Barkin, Raphael W. Bostic, Mary C. Daly, Charles L. Evans, and Christopher J. Waller in December: Patrick Harker, Robert S. Kaplan, Neel Kashkari, and Loretta J. Mester are listedFederal Reserve Chairman Jerome Powell has made it clear that the central bank is far from withdrawing its massive support for the economy without an end to the coronavirus pandemic. Federal Reserve officials have left their key interest rate unchanged near zero, citing a slowdown in the U.S. economic recovery.