Fed holds rates steady, but opens the door for a rate cut in the future

At the post-statement news conference, Powell was asked about his future as chairman. "I think the law is clear that I have a four year term, and I fully intend to serve it," he said.

The committee provided an important nod to those worried about slower growth: It dropped the word "patient" in describing its approach to policy. The characterization was a key part of the Fed "pivot" earlier this year that signaled to the market a more dovish approach to rates. "This was probably the compromise decision — it wasn't shocking and should offer some reassurance," Steve Rick, chief economist at CUNA Mutual Group, said in a note. "The FOMC will still want to closely monitor the stress fractures from the bond market, middling housing and auto sales numbers, and an increasingly uncertain global economic landscape in the coming months."

What a relief!

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