The key message from the FOMC is that the Fed believes the labor market has eased and inflation has declined, resulting in a more balanced outlook for achieving employment and inflation goals. They see the current monetary policy as generally restrictive, but acknowledge uncertainties about its exact impact. The Fed recognizes that the economic activity is gradually cooling and that patience is needed to allow the restrictive policy to moderate inflation. The Fed also emphasize readiness to adjust the federal funds rate if inflation persists or unexpected economic weakness arises.

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