Overview
- The rate decision exposed a rare 9–3 split, with Stephen Miran favoring a 50‑basis‑point cut and Austan Goolsbee and Jeffrey Schmid opting to hold rates steady.
- Fresh projections point to 2.3% median GDP growth and 2.4% inflation in 2026, with policymakers signaling only one additional cut next year as markets price in the possibility of more.
- U.S. stocks rose modestly after the announcement (Dow +1.0%, S&P 500 +0.7%, Nasdaq 100 +0.4%), the dollar weakened, and gold edged higher.
- The decision came under unusual informational constraints after a 43‑day shutdown, which left some BLS releases missing, including October inflation data.
- Some outlets reported plans to restart monthly purchases of short‑term Treasuries of roughly $40–45 billion to support liquidity, a developing and inconsistently described measure that has not been uniformly confirmed.