Powell comments

Powell
  • In light of increased uncertainties and muted inflation pressures, we will now closely monitor incoming information
  • Economy has been performing reasonably well this year
  • We've been mindful of crosscurrents including trade developments and slower global growth
  • After prior meeting, there were signs of progress on trade and global growth. In the weeks since, cross currents have re-emerged
  • Apparent progress on trade turned to greater uncertainty
  • Risk sentiment in financial markets has deteriorated
  • Many on FOMC see better case for more accommodation
  • Many labor market indications remain strong
  • Many FOMC participants cited investment picture and crosscurrents as reasons to lower rates
  • Participants broadly see inflation rising back to target, but at a slower pace
  • Risks to growth and lower inflation expectations created concerns about sustained inflation shortfall
  • Overreacting to any short-term situation would be inappropriate