Overview

• The rate decision reflects cooling indicators including a rise in unemployment to 4.3%, slower hiring after revisions, and a strained housing market.
• Jerome Powell said the Fed had been right to wait before easing and emphasized that future steps will be guided by incoming data rather than a preset path.
• Governor Stephen Miran, appointed by President Donald Trump, dissented and argued for a larger 0.5‑point reduction.
• Fed projections show inflation near 3% by year‑end, unemployment around 4.5%, and GDP growth revised to 1.6%.
• A slim majority of officials foresee two additional cuts later in 2025, as Trump continues pressing for faster and deeper easing.