The Federal Open Market Committee left rates unchanged at its latest meeting, noted a slowing of job gains, and tweaked its statement to add the word "raise" to the discussion of the target range for the next meeting.
Instead of "In determining how long it will be appropriate to maintain this target range," the Fed statement said, "In determining whether it will be appropriate to raise the target range at its next meeting, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation."
The panel also omitted global factors as possible restraints on the economy, although it said it would continue to monitor developments.
Dissent was cast by Federal Reserve Bank of Richmond President Jeffrey M. Lacker, who wanted a 25 basis point rate hike.
Although the panel suggested the possibility of raising rates at its December meeting, it kept the standard of needing to see "further improvement in the labor market" and have reasonable confidence "inflation will move back to its 2% objective over the medium term."
While its terminology on inflation was basically the same as in its last statement, the FOMC noted "the pace of job gains slowed."
