FOMC statement preview: The description of labor market conditions is likely to omit the language that the u-rate “remained low”, to reflect the 32bp uptick over the last three months, according to BofA. The forward guidance language might also be tweaked to indicate that the bar for additional cuts has risen. This would be a nod to the hawks. One option would be to add the word “any” as follows: “In considering any additional adjustments to the target range for the federal funds rate…”. Another, slightly more dovish option would be to use “the extent and timing of” instead of “any”. That would be a return to the language from earlier this year, when the committee was on hold, but was anticipating more cuts.  Goldman notes that consensus is that the statement will change to signal a pause in further cuts (after this meeting) unless there is deterioration in the labor market data – which is consistent with how the statement changed in October 2019 and December 2024 (both of which also were the 3rd consecutive meetings of cuts like this one likely will be).  Below is a proposed redline comparison by Goldman what the FOMC statement will look like.(zerohedge)