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Statement: Updated For "Strong" Growth And Tighter Financial Conditions

FED

The image below shows the changes from September's statement.

  • A virtually unchanged statement where it counts - the forward guidance was as expected left untouched.
  • But unsurprisingly it includes an upgrade to the incoming growth data ("strong pace in the third quarter" vs "has been expanding at a solid pace"), while job gains have "moderated since earlier in the year" but still "remain strong".
  • No change to the characterization of inflation as remaining "elevated", as was fully expected.
  • Tighter financial conditions added to the "tighter credit conditions" in paragraph 2 as well, in a very modest dovish tweak (and a prelude to what is likely to be a major theme in the Powell press conference).

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