The Fed hasn’t been this terse since 2007. What a 130-word statement signals for market stability.

Bank of America counted the words in the Federal Open Market Committee’s most recent policy statement and found it contained just 130 words. The statement accompanied the Fed’s decision to raise its policy rate by 25 basis points.

That word count is the lowest for an FOMC statement since 2007, per Bank of America’s analysis. The Fed has used its post-meeting statements as a principal channel for communicating policy decisions and economic assessments to markets and the public.

Observers often read the length and tone of Fed statements for cues about the committee’s assessment of the economy and its intentions for future policy. A notably brief statement can be interpreted as a choice to deliver a compact, unembellished message alongside an interest-rate action.

Bank of America’s finding highlights the change in the Fed’s communication in this instance but does not by itself specify the committee’s broader outlook or future steps. The statement’s brevity, paired with the quarter-point hike, will be considered by market participants and analysts alongside other Fed communications and economic data.