Powell opening statement: The Committee is proceeding carefully

  • We remain strongly committed to bringing inflation back to goal
  • The full effects of policy tightening have yet to be felt
  • Economy has expanded well above expectations
  • The labor market remains tight
  • Supply and demand conditions for labor continue to come into better balance
  • Nominal wage growth has shown some signs of easing
  • The process of getting inflation back to 2% still has a long way to go
  • We are highly attentive to the risks that inflation poses to our mandate
  • A few months of good inflation data ‘only the beginning of what it will take’
  • We are attentive to recent data showing resilience in growth and labor
  • Data could warrant further tightening of monetary policy
  • We will continue to make our decisions meeting-by-meeting
  • Reducing inflation is likely to require a period of below-potential growth and labor market conditions softening

The US dollar has initially dipped on the headline. There has been no hint at a December hike so far.

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