Summary:
- Recent indicators suggest that economic activity expanded at a strong solid pace in the third quarter. (Change)
- Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. (Change)
- Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. (Change)
- Inflation remains elevated. (No Change)
- Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. (Change)
- The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
- Maintain the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy. (Change)
- Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy. (No Change)
- In determining the extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. (No Change)
- Continue reducing holdings of Treasury securities, agency debt, and agency mortgage-backed securities, as described in previously announced plans. (No Change)
- Voting is unanimous. (No Change)
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