A look at the last 2 Fed statements on economy

— A look at the evolution of the Federal Reserve's statements on the economy from its two most recent meetings:

The Fed on June 24 said "the pace of economic contraction is slowing."

The Fed on Wednesday said "economic activity is leveling out."

The Fed on June 24 said conditions in financial markets had "generally improved in recent months."

The Fed on Wednesday said conditions "have improved further in recent weeks."

The Fed on June 24 said businesses "appear to be making progress in bringing inventory stocks into better alignment with sales."

The Fed on Wednesday said businesses "are making progress."

The Fed on June 24 said it would buy up to $300 billion of Treasury securities "by autumn."

The Fed on Wednesday said it will gradually slow the pace of the transactions and anticipates the full amount will be purchased "by the end of October."