"Economic activity expanded at a strong pace in the third quarter," the US central bank said in a policy statement after a two-day meeting in which officials unanimously agreed to leave the benchmark overnight interest rate in the 5.25%-5.50% range where it has been since July.
The Fed's latest statement noted that with job gains still"strong" and inflation still"elevated," the central bank continues to consider"the extent of additional policy firming that may be appropriate to return inflation to 2% over time." The policy statement itself has become increasingly spare as officials have become less certain about their next move, balancing a sluggish but continuing fall in inflation against a sense the economy is likely to slow in coming months, and concern that pushing too much harder with rate increases could cause it to slow more than needed.