Overview
- The central bank said available indicators point to moderate economic expansion.
- Officials reported slower job gains this year and a slight uptick in unemployment that remains low as of August.
- Policymakers flagged elevated uncertainty and said inflation remains somewhat high even after a recent cooling.
- The federal government shutdown created an “interruption in the data,” limiting key statistics and forcing reliance on alternative indicators.
- Chair Jerome Powell in September highlighted rising downside risks to employment that factored into the decision.