From the Statement:
“That these two ordinances, baptism and the Lord’s Supper, which some among us call “sacraments,” are bound to the Word by the Spirit as visible words proclaiming the promise of the gospel, and thus become places where recipients encounter the Word again. Baptism and the Lord’s Supper communicate life in Christ to the faithful, confirming them in their assurance that Christ, the gift of God for the people of God, is indeed “for us and our salvation” and nurturing them in their faith. Baptism and the Lord’s Supper are physical focal points for key Reformation insights: the gifts of God (sola gratia) and the faith that grasps their promise (sola fide). They are tangible expressions of the gospel insofar as they vividly depict our dying, rising, and incorporation into Jesus’ body (“one bread … one body” – 1 Cor. 10:16-17), truly presenting Christ and the reconciliation he achieved on the cross. Baptism and the Lord’s Supper strengthen the faithful by visibly recalling, proclaiming, and sealing the gracious promise of forgiveness of sins and communion with God and one another through the peace-making blood of Christ.”
The language used in the description of these Sacraments is very close to Catholic Teaching, even of Transubstantiation!
In fact, when described as “encountering the Word again” we can see that the Word of God is not restricted to Scripture alone, but exists in the Sacraments! This places the Sacraments equal with Scripture!
However, the statement “Baptism and the Lord’s Supper are physical focal points for key Reformation insights: the gifts of God (sola gratia) and the faith that grasps their promise (sola fide)” implies that Baptism and the Lord’s Supper support doctrines which the Reformation used against the Catholic Church.