Even though there was no rate hike following the Federal Reserve's July statement, the central bank made two significant changes to its policy statement.

When referring to inflation, the Federal Reserve said consumer prices are running "below 2%." In the June statement, the language said " somewhat below 2%."

With regard to the unwinding of the balance sheet, the Fed expects that process to start "relatively soon." In the June statement, the Fed said it expects that process to begin "this year."

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