See some slowdown in jobs gains

  • Sees labor slack diminishing significantly
  • Pace of job gains has slowed recently
  • FOMC thought it could be appropriate to move in December
  • No decision made on December move; data to be monitored
  • December would be live meeting, if data supports move
  • Inflation move back up target as pressures diminish
  • Fed expects economy to justify gradual tightening pace
  • Market should be looking at entire path of policy rates over time