Every profession has its lingo.

Nuclear physicists know what bremsstrahlung radiation is. Classical musicians play the scherzo in Beethoven's Seventh Symphony. Independent truckers hate to deadhead.

The economists with the Federal Reserve have their own jargon, too -- so the Federal Open Market Committee's statements are hard for the layman to understand. Here's what the Fed said in its Aug. 12 policy statement, and what it meant in English.

What the Fed said:
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 1 percent.

What it meant:
The Federal Reserve's rate-setting committee left the overnight federal funds rate at 1 percent.

What the Fed said:
The Committee continues to believe that an accommodative stance of monetary policy, coupled with still-robust underlying growth in productivity, is providing important ongoing support to economic activity. The evidence accumulated over the intermeeting period shows that spending is firming, although labor market indicators are mixed. Business pricing power and increases in core consumer prices remain muted.

What it meant:
By saying that monetary policy is accommodative, we mean that we have set rates low to encourage consumers and businesses to borrow and spend. American workers continually produce more for every hour of work. The low rates, combined with rising productivity, create a strong foundation for the economy. Consumers have spent throughout the recession and recovery, and now there are signs that businesses are breaking out the checkbooks, too. On the other hand, the economy is still shedding tens of thousands of jobs a month, while the unemployment rate paradoxically drops. Businesses have trouble raising prices, which makes consumers happy, but keeps profits down.

What the Fed said:
The Committee perceives that the upside and downside risks to the attainment of sustainable growth for the next few quarters are roughly equal. In contrast, the probability, though minor, of an unwelcome fall in inflation exceeds that of a rise in inflation from its already low level. The Committee judges that, on balance, the risk of inflation becoming undesirably low is likely to be the predominant concern for the foreseeable future. In these circumstances, the Committee believes that policy accommodation can be maintained for a considerable period.

What it meant:
The way we see it, the factors that would cause the economy to grow in the next year or so are balanced by forces that would hold growth back. We'll keep an eye on inflation; it's really low right now and we don't want it to fall further because people would stop spending and the economy would falter. This isn't especially likely to happen, but extremely low inflation is our biggest worry, and will continue to be until we see evidence of inflation. Low interest rates are inflationary, so we will keep rates low for quite a while.

What the Fed said:
Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Ben S. Bernanke; Susan S. Bies; J. Alfred Broaddus, Jr.; Roger W. Ferguson, Jr.; Edward M. Gramlich; Jack Guynn; Donald L. Kohn; Michael H. Moskow; Mark W. Olson; Robert T. Parry; and Jamie B. Stewart, Jr.

What it meant:
Today's action is unanimous.