by Calculated Risk on 10/25/2006 02:28:00 PM

From the Fed statement today:

"Economic growth has slowed over the course of the year, partly reflecting a cooling of the housing market. Going forward, the economy seems likely to expand at a moderate pace."

Compare this statement to the Sept 20th statement; the 2nd sentence was added. Soft landing achieved!

UPDATE: For more on Fed Statement, see:

Polley: Soft landing ahead? (I prefer the exclamation mark; in Fed speak, this is a celebration of victory)

Economist's View: Fed Leaves Target Rate Unchanged at 5.25%