- Prior rates were 2.25-2.50%
- The implied probablity of a 100 bps hike was 17% ahead of the FOMC with the remainder at 75 bps
- Prior statement said "Committee is strongly committed to returning inflation to its 2 percent objective". That's repeated.
- Recent indicators point to modest growth in spending and production (repeat of last statement)
- Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures
- The Committee is highly attentive to inflation risks (repeat)
- No dissents
Prior to the statement, the November 2 meeting was 70% priced for another 75 bps to 3.75-4.00%, that's moved up to 89%. There is very little change in the FOMC statement but markets are reacting to the dot plot, which shows higher terminal rates and the Fed holding higher for longer.