[Changes in November’s FOMC statement]
- Employment growth slowed, unemployment rose, but remained low.
-> Since the beginning of this year, job market conditions have eased overall, unemployment has risen, but it has remained low. - Inflation has made further progress toward the Fed’s 2% inflation target but remains somewhat higher.
-> Inflation has made progress toward the Fed’s 2% inflation target but remains somewhat higher.
(Additional Deletion) - The Commission has gained greater confidence that inflation is continuing to move towards 2%, and believes the risks to employment and meeting inflation targets are almost balanced.
-> The Commission believes risks to employment and meeting inflation targets are nearly balanced. (Got greater confidence that inflation is continuing to move towards 2%, deleted) - In light of the inflation progress and the balance of risks, the Commission decided to cut its federal funds rate target by 50 basis points to a range of 4.75% to 5%.
-> To support the target, the Commission decided to cut the federal funds rate target by 25 basis points to a range of 4.5-4.75%.