The Federal Reserve's pause on interest rate hikes in the September meeting of the Federal Open Market Committee, wasn't a surprise. Inflation has continued to subside, labor has cooled, and supply chains continue to improve.

But the economy still has been "expanding at a solid pace," the FOMC comments noted. "Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated."

The note continued, "Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation."