Here’s what changed in the second statement under Warsh

Economists and investors got their latest look at the Federal Reserve‘s new era of communication with Wednesday’s Federal Open Market Committee statement.

Below is a comparison of Wednesday’s FOMC statement with the one issued after the Fed’s previous policymaking meeting in June.

Text removed from the June statement is in red with a horizontal line through the middle. Text appearing for the first time in the new statement is in red and underlined. Black text appears in both statements.

Wednesday’s release marked the second such statement under Chairman Kevin Warsh, who has promised a significant shakeup of how they Fed projects its expectations for monetary policy to the public.

The prior Fed statement in June offered one of the first glimpses into how different communication will look with Warsh at the helm.

June’s statement contained around 130 words, down from figures above 300 recorded in recent meetings, according to a CNBC analysis of the releases. It contained no forward guidance or information about how FOMC members voted, both of which were fixtures of releases under predecessor Jerome Powell.

Warsh acknowledged a “difference” in the statement early in his first press conference as chair in June. He said forward guidance was “not well suited for the current policy conjuncture.”

“It’s a bit shorter, a bit simpler and it dispenses with some older language,” Warsh said in June. “That statement just gives you the facts, as best we can judge it.”

Investors had previously scoured the formulaic release for edits in language that could indicate a change in policy views within the central bank. But since last month’s release, traders have been wondering if the Fed would now use a new, shorter template — or if the statement will look substantially different each meeting.

Some on Wall Street have turned to artificial intelligence-powered tools to parse communication from a Warsh-led central bank.

Warsh announced in June that he was forming task forces to review key aspects of the Fed’s operations. He said earlier this month that University of Washington professor Peter Fisher and former Bank of England Governor Mervin King are among the members of the communication-focused group.