The Fed's letter on the decision to cut the interest rate by 0.25 percentage points has been published.

Key:

- The decision was unanimous.

- Inflation has moved toward 2%, but remains elevated.

- We have become more confident in the sustainable movement of inflation toward the 2% target.

- Labor market conditions have improved since the beginning of the year, and have generally softened. The unemployment rate has increased, but remains low.

- The Fed believes that the risks to the employment and inflation targets are balanced.

- The Fed's future monetary policy depends on macro data.

- Economic activity continues to grow at a solid pace. However, the economic outlook is uncertain.

- The Fed will continue to reduce its balance sheet at the current pace.