- Data from before the shutdown show economy could be firmer
- Labor demand has clearly softened
- Inflation remains somewhat elevated relative to goal
- Disinflation in services continues
- Most measures of long-term inflation expectations consistent with goal
- Higher tariffs are pushing up some goods prices
- A reasonable base case is that tariff impacts will be short-lived, but it's also possible they could be more persistent
- Balance of risks shifted on employment so we took a more-neutral stance
- We remain well-positioned to respond
- There are different views about how to proceed at December, says 'strongly differing views'
- A further cut in December is not a foregone conclusion, far from it
Big drop on the bolded comment in risk assets. The US dollar jumped as well.
