FOMC decided to lower policy interest rate by a quarter percentage point and initiate purchases of shorter-term Treasury securities to maintain ample reserves.

Inflation has eased significantly from mid-2022 highs but remains somewhat elevated relative to 2% goal; total and core PCE both rose 2.8% over 12 months ending September.

Disinflation appears to be continuing for services; near-term inflation expectations have declined from earlier peaks while longer-term expectations remain consistent with 2% goal.