Overview

• The FOMC voted 11–1 for a quarter‑point reduction, with newly sworn‑in governor Stephen Miran dissenting in favor of a larger cut.
• A major revision lowered employment growth by about 911,000 jobs through March 2025, reinforcing the case to ease despite inflation still above the 2% goal.
• The Senate confirmed Miran just before the meeting, and an appeals court temporarily blocked President Trump's bid to remove Governor Lisa Cook.
• Officials and many analysts characterized the decision as data‑driven as questions about the Fed’s independence sharpened with recent personnel moves.
• Markets reflected nerves with a softer dollar, record gold prices and pressure on rate‑sensitive stocks, the euro near $1.18, and the Fed projecting 1.6% U.S. growth for 2025.