Here’s the key change in the Fed’s statement that’s moving markets

The Fed introduced a key change to its policy statement on Wednesday, which Wall Street traders are interpreting as a sign that the central bank could soon slow its rake hikes.

Notably, the statement now says that the Fed is considering the “cumulative” impact of its hikes so far.

Below is a comparison of Wednesday’s Federal Open Market Committee statement with the one issued after the Fed’s previous policymaking meeting on Sept. 21.

Text removed from the November 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.

Watch Fed Chair Jerome Powell’s press conference here.