Specifically, it indicates whether the Committee believes that the risks are "balanced with respect to prospects for both goals," "weighted mainly toward conditions that may generate heightened inflation pressures," or "weighted mainly toward conditions that may generate economic weakness."
By economic weakness, we do not just mean recession; I believe that the Committee would be justified in recognizing risks weighted toward economic weakness if it saw prospects for subpar growth - that is growth below the rate of increase in the economy’s potential. None of these changes has altered the way in which the FOMC decides the appropriate course of policy action.