Comparing the US Federal Reserve's views on world economy

A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting March 15-16:

ECONOMY:

Now: The Fed acknowledges growth has weakened, but points to stronger hiring: "Labor market conditions have improved further even as growth in economic activity appears to have slowed."

Then: "Economic activity has been expanding at a moderate pace despite the global economic and financial developments of recent months."

GLOBAL RISKS:

April: Fed policymakers have downgraded the threat posed from overseas, noting that they will simply monitor the threats: The Fed "continues to closely monitor inflation indicators and global economic and financial developments."

March: "However, global economic and financial developments continue to pose risks."

CONSUMER SPENDING:

April: The Fed notes that Americans are spending cautiously, but hints that may change soon: "Growth in household spending has moderated, although households' real income has risen at a solid rate and consumer sentiment remains high."

March: "Household spending has been increasing at a moderate rate, and the housing sector has improved further."