Powell reading
  • Prior Fed funds rate was 5.25-5.50%
  • Recent indicators suggest that economic activity expanded at a strong pace in the third quarter vs prior statement that said economy was 'solid'
  • Repeats that inflation remains elevated.
  • Repeats " the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time"
  • Repeats "The Committee remains highly attentive to inflation risks"

The market was pricing in a 25% chance of a hike at the December meeting before the statement was released.

Here is the side-by-side statement, which doesn't offer anything market moving:

Side by side
Nothing else has changed

There was some angst about larger changes but this is pretty much what was expected. Powell will speak at 2:30 pm ET.