At today's meeting, the committee decided to lower the target range for the federal funds rate. by a quarter percentage point. to three and three quarters to four percent. Conditions in the labor market appear to be gradually cooling. and inflation remains somewhat elevated. The shutdown of the federal government will weigh on economic activity while it persists.

after the shutdown ends. If you were to see data that suggested the labor market strengthening, or even that it's stabilizing. You know, that would certainly play into our decisions going forward. There were strongly differing views about how to proceed in December. a further reduction in the policy rate at the December meeting. is not a foregone conclusion.