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