The US Federal Reserve's accompanying letter to the decision on the interest rate pause has been published. 

Key points:

- The vote in favor of the decision to pause was unanimous.

- The Fed does not consider it advisable to reduce the rate until it is confident that inflation is steadily moving towards the target level of 2%.

- Inflation has decreased this year, but remains at a high level.

-Recent months have seen modest progress towards achieving the 2% inflation target.

- Risks to achieving the 2% inflation target have become more balanced.

- The Fed forecasts one interest rate cut in 2024, by 0.25 percentage points. And by another 1 percentage point in 2025.

- Job growth continues, unemployment remains low.

- Economic activity continues to grow at a strong pace. 

- The US Federal Reserve will continue to reduce holdings of Treasury and mortgage securities.

- The US Federal Reserve will continue to monitor the impact of incoming macro data on economic prospects.