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IOER Cut 5bp to 2.35%, FFR Unch; Upgrades Infl.>

FOMC
FOMC: IOER Cut 5bp to 2.35%, FFR Unch; Upgrades Growth, Downgrades Infl 
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- Cut IOER by 5bp to 2.35%, "intended to foster trading in FFR market at 
rates well within the FOMC's targe range."
- Keeps FFR unch at 2.25-2.50%, as expected
- No changes to policy portions of the statement, still 'patient'
- Still sees "muted inflation," global and financial developments
- No dissents to IOER cut or statement
- Notes 12-mo overall, core inflation "declined", running below 2%
- Now says econ activity "rose at a solid rate" rather than slowed
- Household spending, business investment slowed
- Job gains "solid on average," unemp rate "remained low"

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