Trump-Xi meeting nears with high stakes and hopes, but few details

*TRUMP SAID MEETING WITH XI WAS AMAZING, OUTSTANDING *TRUMP ON CHINA TRADE DEAL: IN AGREEMENT ON MANY ELEMENTS *TRUMP REDUCED FENTANYL TARIFFS TO 10% EFFECTIVE IMMEDIATELY *TRUMP: SOYBEAN PURCHASES STARTING IMMEDIATELY *TRUMP AGREEMENT ON SOYBEANS, AG PRODUCTS TRUMP: MEETING WITH XI WAS AMAZING A LOT OF DECISIONS WERE MADE WILL BE PROVIDING CONCLUSIONS ON VERY IMPORTANT THINGS PURCHASES OF SOYBEAN WILL START IMMEDIATELY AGREED THAT XI WILL WORK VERY HARD TO STOP FENTANYL I WOULDN'T SAY EVERYTHING WAS DISCUSSED WE DID DISCUSS… TRUMP: TARIFFS ON CHINA WILL BE 47% DOWN FROM 57% GOING TO CHINA IN APRIL I'LL BE GOING TO CHINA IN APRIL XI WILL BE COMING TO US SOME TIME AFTER THAT GOING TO WORK TOGETHER WITH XI ON UKRAINE TO GET SOMETHING DONE Trump: Taiwan never mentioned in discussions with Xi

BESSENT: TODAY’S ANNOUNCEMENT FOLLOWING TRUMP’S MEETING WITH PRESIDENT XI WILL BE A RESOUNDING VICTORY FOR AMERICA’S FARMERS

Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up but remained low through August; more recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment rose in recent months. In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee decided to conclude the reduction of its aggregate securities holdings on December 1. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Susan M. Collins; Lisa D. Cook; Austan D. Goolsbee; Philip N. Jefferson; Alberto G. Musalem; and Christopher J. Waller. Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting, and Jeffrey R. Schmid, who preferred no change to the target range for the federal funds rate at this meeting. FOMC STATEMENT COMPARE: pic.twitter.com/1xW7cnChGP *FED CUTS TARGET RANGE FOR BENCHMARK RATE BY 25 BPS, TO 3.75%-4% *FED SAYS IT WILL STOP SHRINKING BALANCE SHEET ON DEC. 1 *FED SAYS SCHMID DISSENTED IN FAVOR OF NO RATE CHANGE *FED SAYS MIRAN DISSENTED IN FAVOR OF HALF-POINT CUT