Comments from Mester to reporters:

  • No signs that weakness spreading to wider economy
  • Risks tiled to the downside, citing weak investment
  • Sees US GDP growth of around 2% next year, around trend
  • It's worth considering a standing repo facility

This is the status-quo line from the Fed right now. They don't want the market to price in any rate moves but that cold all blow up if China-US talks go off the rails.