FOMC (Federal Open Market Committee)

Overview

The Federal Reserve's monetary policy committee. Meets 8 times per year to set the federal funds rate target range.

Meeting summary （published 2025-08-20）

At the July 29-30, 2025 meeting, the FOMC held the target range at 4-1/4 to 4-1/2 percent. Nine members voted in favor; Governors Bowman and Waller dissented, preferring a 25bp cut. Recent indicators suggested growth had moderated in the first half, with private domestic final purchases slowing in Q2. The unemployment rate was 4.1% in June and the labor market remained solid, though some participants cited signs of softening. Inflation remained somewhat elevated (June total PCE 2.5%, core 2.7%), with tariffs adding upward pressure to goods prices amid uncertainty over timing, magnitude, and persistence. Balance sheet runoff continued under $5bn Treasury and $35bn agency debt/MBS caps.

Past meetings

Release history (official values)