Key takeaways from Fed’s decision to leave rates unchanged

Here are key takeaways from the Federal Reserve’s interest-rate decision on Wednesday:

• Federal Open Market Committee votes unanimously to leave benchmark rate unchanged for a second straight meeting — as expected — in a target range of 5.25%-5.5%, a 22-year high.
• Fed leaves door open to another hike by repeating prior language on “determining the extent of additional policy firming that may be appropriate”.
• FOMC flags “tighter financial and credit conditions” as likely to weigh on economy, after previously mentioning only “tighter credit conditions”; language could be seen as suggesting that the recent jump in long-term Treasury yields reduces the impetus for Fed to raise rates again.
• Statement says economy expanded at “strong pace in third quarter,” compared with prior description of recent “solid pace”; Fed says job gains “have moderated since earlier in the year but remain strong,” after previously saying that hiring had slowed in recent months.
• Decision is unanimous 12-0.