Read the October FOMC Statement

Economic Activity - Economic activity has been expanding at a moderate pace, with job gains slowing and the unemployment rate remaining low through August [1][2] - Recent indicators are consistent with the developments in economic activity and inflation has increased since earlier in the year, remaining somewhat elevated [1] Federal Reserve's Goals - The Federal Reserve aims to achieve maximum employment and maintain inflation at a rate of 2 percent over the long run [2] - There is elevated uncertainty regarding the economic outlook, with downside risks to employment having risen in recent months [2] Interest Rate Decision - The Federal Reserve decided to lower the target range for the federal funds rate by 0.25 percentage points to a range of 3.75% to 4% [3] - The Committee will carefully assess incoming data and the evolving outlook when considering further adjustments to the target range [3] Quantitative Tightening - The Federal Reserve plans to conclude the reduction of its aggregate securities holdings on December 1 [3] - The Committee remains strongly committed to supporting maximum employment and returning inflation to its 2 percent objective [3]