Federal Reserve meeting —
At its 30 July 2025 meeting, the Federal Reserve held its policy rate at 4.25–4.50%. The decision passed 9-2. 2 members dissented.
Decision
hold — 4.25–4.50% to 4.25–4.50%
Vote: 9-2
Dissenters
- Michelle Bowman — preferred cut
- Christopher Waller — preferred cut
Key passages
the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent.
In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.
Meeting documents
Background reading
Previous meeting · Next meeting · Open the full decision workspace
The Cadence Brief
The one number that moved central bank pricing — delivered each weekday morning.