As widely expected, Fed left policy unchanged at November meeting. Economists largely of the view it keeps place in expectations for December tightening, absent an election-related shock and so long as further evidence (jobs) supports case for a hike. Some noted how language was more upbeat about the outlook than September. FOMC statement reiterated labor market has continued to strengthen and activity growth has picked up from modest pace in 1H. Also reiterated while unemployment rate is little changed in recent months, job gains have been solid. Slight downgrade to language surrounding household spending, however, upgraded language on inflation and noted market-based measures of inflation have moved up (but remain low). Balance of risks language unchanged from September. In line with some preview commentary, noted case for rate increase “has continued to strengthen”.