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Overview
- The decision passed 10–2, with Stephen Miran favoring a 50‑basis‑point cut and Jeffrey Schmid arguing to hold rates.
- The Fed will stop quantitative tightening and resume full reinvestment of Treasuries and MBS starting December 1.
- Policymakers said employment gains have diminished and risks to jobs have risen even as inflation remains a bit elevated.
- After Powell’s remarks, U.S. stocks finished mixed as Treasury yields and the dollar climbed, while Brazil’s Ibovespa set a record and the real strengthened near R$5.35 per dollar.
- Separately, Treasury Secretary Scott Bessent named five finalists to succeed Jerome Powell—Christopher Waller, Michelle Bowman, Kevin Warsh, Kevin Hassett and Rick Rieder—with a White House decision expected by year‑end.