Overview

• Minutes from the Sept. 16–17 meeting detail an 11–1 vote to cut the federal funds rate by 25 basis points to 4.00%–4.25%.
• Most officials judged it would likely be appropriate to ease further this year, though views diverged on whether to deliver two or three total cuts in 2025 including September’s move.
• Updated projections showed a near-even split, with a slim majority pointing to two additional quarter-point reductions by year‑end.
• Several participants warned inflation remains above the 2% target and cited tariff effects, with a few saying they could have supported leaving rates unchanged given stalled disinflation.
• New Governor Stephen Miran dissented in favor of a 50-basis-point cut and has advocated a faster path, as markets price another quarter-point reduction at the Oct. 28–29 meeting and possibly one more by December.