The FOMC released a statement that was almost identical to the one given in Sept. The only very modest change of note was their reference to inflation where they said “inflation recently picked up somewhat, reflecting higher energy prices” even though they followed with “longer term inflation expectations have remained stable. In Sept, they said “inflation has been subdued, although the prices of some key commodities have increased recently.” Everything else was a non event as the Fed took a breather after their moves in Sept.
One more point on the FOMC, the Dec meeting will be of more interest as they will likely discuss what they will do with the year end expiration of Operation Smother the Yield curve Part 2. It’s unlikely they extend it again as they are running short of short end paper to sell but they may embark on QE4 which would entail the outright purchases, again, of longer term US Treasuries in conjunction with the buying of more MBS. The winner of the election will likely influence the decision no matter how apolitical the Fed says they are.