Overview

• The Federal Reserve lowered its benchmark range to 4.00%–4.25%, its first rate cut of 2025, citing softer labor‑market conditions.
• Stephen Miran was sworn in hours after a 48–47 Senate confirmation and voted for a larger half‑point reduction, dissenting from the quarter‑point move.
• Miran fills the vacancy left by Adriana Kugler through January 31, 2026 and will take unpaid leave from his White House economic post, a setup Democrats say threatens independence.
• Governor Lisa Cook kept her seat for the meeting under court protection after an appeals court rejected a bid to block her, and the White House plans to take the case to the Supreme Court.
• Chair Jerome Powell affirmed the Fed’s independence as officials nudged their 2025 growth outlook to 1.6% and signaled a median path of two additional quarter‑point cuts this year.