Fed Issues Another "Minimal Statement," Full Text Compared with September FOMC Statement

The Federal Reserve announced a 25-basis-point rate hike on September 16, raising the target range for the federal funds rate to 3.75%–4.00%, approved unanimously with 12 votes. Compared with the July statement, this statement removes specific mention of the "Middle East conflict," replacing it with "geopolitical developments"; adds the phrase "domestic spending remains resilient"; and simplifies inflation language to "remains elevated." Overall, it continues the minimalist communication style of new Chair Warsh.