Full text of the Fed statement: 25 basis point rate cut, no one voted against

On November 8, the Federal Reserve announced a 25-basis-point rate cut to 4.5%-4.75%, in line with market expectations. The decision was unanimous, with the policy statement language remaining largely unchanged, continuing to emphasize close monitoring of risks to the dual mandate, but removing the phrase "more confident that inflation is on a sustainable path toward the Committee's 2 percent objective." There were no clear signals about future rate cuts, nor any commentary on the results of the U.S. election. The full text of the Federal Reserve's policy statement is as follows: The latest indicators show that economic activity continues to expand at a steady pace. Labor market conditions have generally eased somewhat so far this year, with the unemployment rate rising but still at a low level. Inflation is gradually approaching the Committee's 2 percent objective, but remains slightly above target. The Committee's goal is to achieve maximum employment and a long-term inflation rate of 2 percent. The Committee judges that the risks to its goals of employment and inflation are broadly balanced. The economic outlook remains uncertain, and the Committee is closely monitoring risks to the dual mandate. To support its goals, the Committee decided to lower the target range for the federal funds rate by 25 basis points to 4.5% to 4.75%. In determining the appropriate extent of further adjustments to the target range for the federal funds rate, the Committee will assess additional data, changes in the economic outlook, and the balance of risks. The Committee will also continue to reduce the size of its holdings of Treasury securities, agency debt, and agency mortgage-backed securities. 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 will adjust the policy stance as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessment will take into account a wide range of information, including labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The members voting for the monetary policy action included Chair Jerome H. Powell, Vice Chair John C. Williams, Thomas I. Barkin, Michael S. Barr, Raphael W. Bostic, Michelle W. Bowman, Lisa D. Cook, Mary C. Daly, Bethune Lael Harkness, Philip N. Jefferson, Adriana Kugler, and Christopher J. Waller.