A look at how the Fed's views on the timing of an interest rate increase have changed

A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting October 28-29:

INTEREST RATES:

Now: "Based on its current assessment, the (Fed) judges that it can be patient in beginning to normalize the stance of monetary policy. The (Fed) sees this guidance as consistent with its previous statement that it likely will be appropriate to maintain the 0 to ¼ percent target range for the federal funds rate for a considerable time."

Then: The Fed "anticipates, based on its current assessment, that it likely will be appropriate to maintain the 0 to ¼ percent target range for the federal funds rate for a considerable time."

INFLATION:

December: The Fed "expects inflation to rise gradually toward 2 percent as the labor market improves further and the transitory effects of lower energy prices and other factors dissipate. The (Fed) continues to monitor inflation developments closely."

October: "Although inflation in the near term will likely be held down by lower energy prices and other factors, the (Fed) judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat since early this year."

December: "Labor market conditions improved further, with solid job gains and a lower unemployment rate."