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With your Fed decision, is Mike McKee. There is no change to interest rate. There are a number of small changes to the statement, but this is not a C-U-in-September announcement. The Fed's forward guidance remains unchanged.

The committee does not expect it will be appropriate

to reduce the target range until it has gained greater confidence that inflation is moving

sustainably toward 2%. There's also no change in the overall assessment that economic activity

has continued to expand at a solid pace.

All of the adjustments are basically to adjectives.

Job gains have moderated, the statement says, instead of remains strong.

Unemployment has moved up, but remains low.

Inflation has eased over the past year, but remains somewhat elevated.

And in recent months, there has been

some further progress toward the 2% inflation goal. If there is a hint about the future, it's this.

...