Federal Reserve meeting —
At its 17 September 2025 meeting, the Federal Reserve lowered its policy rate from 4.25–4.50% to 4.00–4.25%. The decision passed 11-1. Stephen Miran dissented, preferring a cut.
Decision
cut — 4.25–4.50% to 4.00–4.25%
Vote: 11-1
Dissenters
- Stephen Miran — preferred cut
Key passages
the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4 to 4-1/4 percent.
In considering 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
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