Overview

• The FOMC reduced the policy rate by 25 basis points to 4.00%–4.25%, with Stephen Miran sworn in just before the meeting and casting the only vote for a half-point cut.
• Miran told CNBC he sees no material inflation from President Trump’s tariffs and plans to lay out his full reasoning in a Monday speech to the Economic Club of New York.
• He confirmed that the notably low dot in the Fed’s projections was his, signaling a 2025 policy rate around 2.75%–3.00% versus most colleagues at 3.50%–3.75%.
• Miran said Trump only called to congratulate him, described conflict-of-interest concerns as “silly,” and will take unpaid leave from his White House post through his Fed term ending Jan. 31, 2026.
• Minneapolis Fed President Neel Kashkari advocated two more cuts this year and sees limited tariff effects on inflation, while the administration’s push to reshape Fed governance continues as Governor Lisa Cook contests her removal in court.