The FED still sees inflation...but also a slowing economy... I'd call that Stagflation.
What the FED said:
Economic growth has slowed over the course of the year, partly reflecting a cooling of the housing market.
Then;
Nonetheless, the Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.
