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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

November 01, 2023

At its scheduled Federal Open Market Committee (FOMC) meeting, the Federal Reserve announced that it will maintain the target range for the federal funds rate 5.25% to 5.50%. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May 2022.

Economic activity in the United States is estimated to have increased 4.9% (seasonally adjusted annualized rate) in the third quarter of 2023 reflecting gains in consumer spending, state/local spending, defence spending, exports and residential investment. This was the fifth consecutive quarter of growth at annualized pace of 2.0% or higher. With the slowing pace of job gains, the unemployment rate remained at 3.8% in September 2023.

US inflation has eased in recent months but remains elevated. The United States Consumer Price Index (not seasonally adjusted) for All Urban Consumers increased 3.7% year-over-year in September 2023.

The Committee will continue to monitor economic developments and is prepared to adjust the monetary policy measures as appropriate, taking into account information on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The next scheduled FOMC meeting will be held on December 12 - December 13, 2023. An updated summary of Economic Projections will be provided at the December 13, 2023 meeting.



Source: US Federal Reserve, FOMC Statement

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