Can you spot the difference between Warsh and Powell's FOMC statements?

You know those “spot the difference” puzzles that sometimes appear in kids’ magazines? Where you have to analyze two nearly identical images for changes? Well, try that game with statements made by the Chairman of the Federal Reserve.

After each meeting of the Federal Open Market Committee, the Fed issues a press release. It explains what monetary policy actions the committee took and how the members voted. Federal Reserve Chairman Kevin Warsh has now led two FOMC meetings, which means there are two FOMC statements to look back on.

Martha Olney is a professor emerita of economics at the University of California, Berkeley, and author of a book in which she parses the phraseology of FOMC statements. She helped “Marketplace” host Kai Ryssdal “spot the difference” between the statements under Chairman Warsh’s regime and those of his predecessor.

To listen to their conversation, use the media player above.