Quick FOMC statement rundown

Again we’re going to have to rely on the Powell presser for new information because today’s statement was as uneventful as can be. The only tweak was to the labor market line, and only slightly, as the Fed does have to give some rational for cutting rates again, now totaling 75 bps over two meetings.

Today it said, “Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low.”

In September, it read, “Job gains have slowed, and the unemployment rate has moved up but remains low.”

On inflation, they repeated that they’ve made “progress towards the Committee’s 2% objective but remains somewhat elevated.” In September, they said “further progress…”