March 2025 — Fed Language Drift
March 19, 2025
On March 19, 2025, the FOMC statement scored 14.2 for commitment density and 53.2 for hedging. Against the prior meeting, commitment held roughly steady and hedging held roughly steady. The press conference scored 12.7 and 49.8 on the same two measures.
What the statement committed to
Commitment density measures how much of the statement binds the committee to action rather than describing conditions. This meeting reads 14.2, little changed from 13.4 at the previous meeting.
How much the statement hedged
Hedging measures the uncertainty carried in the language — the conditionals and qualifiers that signal observation over commitment. This meeting reads 53.2, little changed from 52.0 at the previous meeting.
Commitment density and hedging across the trailing meetings. Commitment rises as the language binds the committee to action; hedging rises as it signals uncertainty. This meeting is highlighted.
Proof
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