FOMC Stands Pat As Expected; No Changes to Rates, QE Language

No surprises out of the FOMC Thursday, as expected, as the country still waits for the final results of the presidential election.

• No changes to rates or QE and very few changes to the statement -- all were in the second paragraph describing economic conditions
• Economic activity and employment "have continued to recover" but remain "well below" pre-pandemic levels, while overall financial conditions "remain accommodative"
• Repeats the Fed is "committed to using its full range of tools to support the U.S. economy in this challenging time" and the "path of the economy will depend significantly on the course of the virus"
• Repeats will hold rates near zero until full employment and inflation has risen to 2% and on track to moderately exceed that target