Read the Full FOMC Statement

Economic Activity - Economic activity is expanding at a moderate pace, although job gains have slowed and the unemployment rate has increased through September [1] - Recent indicators align with the trend of slowing job gains and rising unemployment [1] Inflation and Employment - Inflation has increased since earlier in the year and remains elevated [1] - The Committee aims for maximum employment and a long-term inflation rate of 2 percent, but uncertainty about the economic outlook is high [2] - There has been a rise in downside risks to employment in recent months [2] Federal Funds Rate Adjustment - The Committee has decided to lower the target range for the federal funds rate by 0.25 percentage points to a range of 3.5% to 3.75% [3] - Future adjustments to the federal funds rate will depend on incoming data, evolving outlook, and balance of risks [3] - The Committee is committed to supporting maximum employment and returning inflation to the 2 percent target [3]