Overview
- Officials cut the federal funds rate by a quarter point to 3.50%-3.75% in a 9-3 vote, marking a third reduction this year.
- Two regional presidents opposed any cut, while Governor Stephen Miran argued alone for a larger half-point move.
- Minutes note several supporters viewed the decision as finely balanced, and Chair Jerome Powell described a wait-to-see stance.
- Data disruptions from the federal shutdown complicated the outlook, with November CPI at 2.7% and unemployment at 4.6% based on atypical collection methods.
- The committee also approved resuming Treasury bill purchases to maintain ample bank reserves and ease short-term funding pressures.