A higher for longer tap on the shoulder

The FOMC statement is little changed from the one written in July. There were two notable tweaks. In July, the statement said “economic activity has been expanding at a moderate pace.” Today it says, “economic activity has been expanding at a solid pace.” On the flip side, after saying that job gains were “robust” in the July statement, they altered that wording today to say, “Job gains have slowed in recent months but remain strong.” No real changes otherwise and follows the Fed pattern of having the statement be as uneventful as possible with the press conference the possible needle mover in terms of news and messaging.