On November 8, the Federal Reserve announced a 25 basis point rate cut to 4.5%-4.75%, in line with market expectations. This decision was unanimously approved, and the wording of the policy statement remained largely unchanged, continuing to emphasize close monitoring of the risks to the dual objectives, but removing the phrase "more confident that inflation is sustainably moving toward the target." There was no clear signal regarding future rate cuts, nor any comments on the outcome of the U.S. elections.

Full Text of the Federal Reserve Policy Statement

Recent indicators show that economic activity continues to expand steadily. Overall, labor market conditions have eased somewhat this year, with the unemployment rate rising but still remaining low. Inflation is gradually approaching the Committee's 2% target, but still slightly above the target level.

The Committee's goals are to achieve maximum employment and a long-term inflation rate of 2%. The Committee judges that the risks to achieving the employment and inflation goals are broadly balanced. There remains uncertainty in the economic outlook, and the Committee is closely monitoring the risks to the dual objectives.

To support its goals, the Committee decided to lower the target range for the federal funds rate by 25 basis points to 4.5% to 4.75%. In considering further adjustments to the target range for the federal funds rate, the Committee will carefully assess new data, changes in the economic outlook, and the balance of risks. The Committee will also continue to reduce the size of its holdings of Treasury securities, agency debt, and agency mortgage-backed securities. The Committee is firmly committed to supporting maximum employment and restoring inflation to the 2% target.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor how new information affects the economic outlook. If risks emerge that could impede the Committee's ability to achieve its goals, the Committee will adjust the monetary policy stance as appropriate. The Committee's assessment will take into account a wide range of information, including labor market conditions, inflation pressures and expectations, as well as financial and international developments.

Voting in favor of this monetary policy action were Chair Jerome Powell, Vice Chair John Williams, Thomas Barkin, Michael Barr, Raphael Bostic, Michelle Bowman, Lisa Cook, Mary Daly, Beth Hammack, Philip Jefferson, Adriana Kugler, and Christopher Waller.

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