Powell opening statement: The Committee is proceeding carefully

<ul><li>We remain strongly committed to bringing inflation back to goal</li><li>The full effects of policy tightening have yet to be felt</li><li>Economy has expanded well above expectations</li><li>The labor market remains tight</li><li>Supply and demand conditions for labor continue to come into better balance</li><li>Nominal wage growth has shown some signs of easing</li><li>The process of getting inflation back to 2% still has a long way to go</li><li>We are highly attentive to the risks that inflation poses to our mandate</li><li>A few months of good inflation data 'only the beginning of what it will take'</li><li>We are attentive to recent data showing resilience in growth and labor</li><li>Data could warrant further tightening of monetary policy</li><li>We will continue to make our decisions meeting-by-meeting</li><li>Reducing inflation is likely to require a period of below-potential growth and labor market conditions softening</li></ul><p>The US dollar has initially dipped on the headline. There has been no hint at a December hike so far.</p>

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