Fed Chair Powell Cautions Against Expecting a December Rate Cut

Monetary Policy - The committee decided to lower the target range for the federal funds rate by 0.25 percentage point, setting it between 2.75% and 4% [1] - A further reduction in the policy rate at the December meeting is not a foregone conclusion [2] Economic Outlook - Conditions in the labor market appear to be gradually cooling [1] - Inflation remains somewhat elevated [1] - The shutdown of the federal government will weigh on economic activity, but these effects should reverse after the shutdown ends [1] - Data suggesting a strengthening or stabilizing labor market would influence future decisions [2]