The Federal Reserve’s pause on interest rate hikes in the September meeting of the Federal Open Market Committee, wasn’t a surprise. Inflation has continued to subside, labor has cooled, and supply chains continue to improve.

But the economy still has been “expanding at a solid pace,” the FOMC comments noted. “Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated.”

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