Fed likely refocusing on the positives, downplaying the negatives

The rest of the FOMC statement other than the rate decision was broadly neutral. The economic assessment was mixed, with softer language on the labor market ("the pace of job gains slowed") but firmer language on domestic demand ("household spending and business fixed investment have been increasing at solid rates"). 

The latter is somewhat surprising in light of disappointing retail sales and durable goods reports for September, but may represent an effort to correct some of the perceived pessimism for which the Fed was criticized heavily in September.

In terms of external risks, the FOMC removed the sentence referring to "recent global economic developments" possibly restraining economic activity and dampening inflation in the near term. 

The removal may simply mean that these developments are no longer "recent" and it is not viewed as a meaningful change. Importantly, in the sentence on risks being nearly balanced, the FOMC retained the caveat that they are "monitoring global economic and financial developments."

"The bottom line is that the Fed remains concerned about external influences on the US economy, but is perhaps trying to downplay their importance relative to the September message", says Societe Generale.