A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting Sept. 17-18:

A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting Sept. 17-18:

ECONOMY:

September: "The tightening of financial conditions observed in recent months, if sustained, could slow the pace of improvement in the economy and labor market."

October: That sentence has been removed as interest rates have fallen: The Fed "sees the downside risks to the outlook for the economy and the labor market as having diminished, on net, since last fall."

HOUSING:

Then: "The housing sector has been strengthening, but mortgage rates have risen further."

Now: "The recovery in the housing sector slowed somewhat in recent months."