The Federal Open Market Committee reported that “recent indicators suggest that economic activity expanded at a strong pace in the third quarter and job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low.”

The committee said inflation remains elevated but decided to leave the benchmark overnight interest rate in the 5.25%-5.50% range where it has been since July. “The U.S. banking system is sound and resilient. Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The committee remains highly attentive to inflation risks.”

Fed Chairman Jerome Powell said the Fed hasn’t committed to either another hike or a cut at this time. “We haven’t made any decisions about future meetings,” Powell said. He added that the word “recession” is not in the Fed’s remarks because he doesn’t believe the economy reflects that. “We’ve got a very strong economy,” Powell added.