Overview
- The target range falls to 3.50%–3.75%, the third straight reduction and the lowest level in about three years.
- The decision passed 9–3, with two officials favoring no change and Stephen Miran pushing for a larger half‑point cut.
- The Fed’s dot plot points to just one additional cut in 2026, underscoring a more gradual trajectory for policy.
- Updated forecasts envision 2026 GDP growth near 2.3%, inflation about 2.4%, and unemployment around 4.4%.
- The White House has begun final interviews for the next Fed chair as President Trump publicly presses for bigger rate reductions.