The Federal Reserve declined to raise interest rates at its policy meeting this week and said the late-summer hurricanes likely will not have much longer-term impact on overall economic activity.
There was little in the post-meeting statement Wednesday to indicate that the Fed would hold off on raising rates again soon.
As widely anticipated, the Federal Open Market Committee, the central bank's policymaking arm, held its benchmark interest rate target between 1 percent and 1.25 percent. Markets also figure the Fed will approve a quarter-point hike at the December meeting, though the committee chose not to tip its hand overtly in Wednesday's statement.
However, it did maintain positive language on the current state of the economy.
"There's no signal from today's meeting that there's any risk that December has been altered," said Michael Arone, chief investment strategist at State Street Global Advisors. "With the economy growing at roughly 3 percent, with unemployment at 4.2 percent, with very easy monetary conditions and a modest uptick in inflation expectations, everything leads me to believe that they'll be raising rates in December."
This was the second meeting since Hurricanes Harvey and Irma caused record-breaking damage that nonetheless has had only spotty impacts on macro data.
Nonfarm payrolls, for instance, declined in September by 33,000, but the committee said those kinds of effects will pass. Gross domestic product, on the other hand, grew 3 percent in the third quarter, according to an initial government estimate that was ahead of Wall Street forecasts.