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U.S. Federal Open Market Committee Nov. 2 Statement: Text

Following is a reformatted version of the Federal Open Market Committee statement released today by the Federal Reserve in Washington:

Information received since the Federal Open Market Committee met in September indicates that the labor market has continued to strengthen and growth of economic activity has picked up from the modest pace seen in the first half of this year. Although the unemployment rate is little changed in recent months, job gains have been solid. Household spending has been rising moderately but business fixed investment has remained soft. Inflation has increased somewhat since earlier this year but is still below the Committee’s 2 percent longer-run objective, partly reflecting earlier declines in energy prices and in prices of non-energy imports. Market-based measures of inflation compensation have moved up but remain low; most survey based measures of longer-term inflation expectations are little changed, on balance, in recent months.