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Federal Reserve issues FOMC statement
Recent indicators suggest that economic activity expanded at a strong pace in the third quarter. Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over ... (full story)
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The Fed held rates steady as expected
— Nick Timiraos (@NickTimiraos) November 1, 2023
The FOMC statement made minimal changes
1) It describes Q3 economic activity as “strong”
2) In light of higher Treasury yields, it adds the word “financial” to the description of “tighter credit conditions” that should weigh on growth pic.twitter.com/YtazDHQYIu
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FED REPEATS IT WILL ASSESS EXTENT OF ADDITIONAL POLICY FIRMING
— *Walter Bloomberg (@DeItaone) November 1, 2023
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Fed holds rates steady, upgrades assessment of economic growth
The Federal Reserve on Wednesday again held benchmark interest rates steady amid a backdrop of a growing economy and labor market and inflation that is still well above the central bank’s target. In a widely expected move, the Fed’s rate-setting group unanimously agreed to hold the key federal funds rate in a target range between 5.25%-5.5%, where it has been since July. This was the second consecutive meeting that the Federal Open Market Committee chose to hold, following a string of 11 rate hikes, including four in 2023. The decision included an upgrade to the committee’s general assessment of the economy. ... (full story)
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