Highlights of the statement
- Notes lower growth abroad and trade developments
- Elevated uncertainty has weighed on business investment
- We expect economy to continue to expand at a moderate rate
- Notes falling manufacturing output
- Pace of job gains has eased this year but we expected some slowing
- Participation in labor force has been increasing
- We expect the jobs market to remain strong
- We still expect inflation to rise to 2%
- Inflation pressures clearly remain muted, we're mindful that continued below-target inflation could lead to a downward slide in long-term inflation expectations
- Since last meeting we've seen additional weakness abroad and a rise in trade tensions
- Future course of policy will depend on how economy evolves
- Rates are not on a pre-set course and that is certainly the case today
- Higher rates on short-term rate were due to corporate tax payments and bond settlement
- Issues in rates market do not effect economy or path of rates
- Fed repo facilities were effective
