Powell comments
- In light of increased uncertainties and muted inflation pressures, we will now closely monitor incoming information
- Economy has been performing reasonably well this year
- We've been mindful of crosscurrents including trade developments and slower global growth
- After prior meeting, there were signs of progress on trade and global growth. In the weeks since, cross currents have re-emerged
- Apparent progress on trade turned to greater uncertainty
- Risk sentiment in financial markets has deteriorated
- Many on FOMC see better case for more accommodation
- Many labor market indications remain strong
- Many FOMC participants cited investment picture and crosscurrents as reasons to lower rates
- Participants broadly see inflation rising back to target, but at a slower pace
- Risks to growth and lower inflation expectations created concerns about sustained inflation shortfall
- Overreacting to any short-term situation would be inappropriate
