Overview

• The quarter‑point move is the first rate cut of 2025 and ends a roughly nine‑month pause in policy changes.
• FOMC projections point to two additional 25‑basis‑point cuts in 2025, contingent on incoming data and risks.
• The Summary of Economic Projections lifts 2025 GDP growth to 1.6% as policymakers flag higher downside risks to employment.
• The decision passed with one dissent from newly seated governor Stephen Miran, who argued for a 50‑basis‑point cut.
• Governor Lisa Cook participated after courts blocked efforts to remove her, while Chair Jerome Powell reaffirmed the Fed’s independence.