For reference: The November 1 FOMC statement full text

<p>I always like to read the prior FOMC statement one last time before the new one is released. The second paragraph strikes me as one that will need to be largely re-written, likely to highlight progress on inflation. Here is the November 1, 2023 Fed statement:</p><blockquote>Recent indicators suggest that economic activity expanded at a strong
pace in the third quarter. Job gains have moderated since earlier in
the year but remain strong, and the unemployment rate has remained low.
Inflation remains elevated.</blockquote><blockquote>The U.S. banking system is sound and resilient. Tighter financial and
credit conditions for households and businesses are likely to weigh on
economic activity, hiring, and inflation. The extent of these effects
remains uncertain. The Committee remains highly attentive to inflation
risks.</blockquote><blockquote>The Committee seeks to achieve maximum employment and inflation at
the rate of 2 percent over the longer run. In support of these goals,
the Committee decided to maintain the target range for the federal funds
rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess
additional information and its implications for monetary policy. In
determining the extent of additional policy firming that may be
appropriate to return inflation to 2 percent over time, the Committee
will take into account the cumulative tightening of monetary policy, the
lags with which monetary policy affects economic activity and
inflation, and economic and financial developments. In addition, the
Committee will continue reducing its holdings of Treasury securities and
agency debt and agency mortgage-backed securities, as described in its
previously announced plans. The Committee is strongly committed to
returning inflation to its 2 percent objective.</blockquote><blockquote>In assessing the appropriate stance of monetary policy, the Committee
will continue to monitor the implications of incoming information for
the economic outlook. The Committee would be prepared to adjust the
stance of monetary policy as appropriate if risks emerge that could
impede the attainment of the Committee's goals. The Committee's
assessments will take into account a wide range of information,
including readings on labor market conditions, inflation pressures and
inflation expectations, and financial and international developments.</blockquote>

This article was written by Adam Button at www.forexlive.com.