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 2025-10-08）

At the September 16-17, 2025 meeting, the FOMC cut the target range by 25bp to 4.00-4.25 percent, by an 11-1 vote, with Governor Miran dissenting in favor of a 50bp cut. Real GDP growth had moderated in the first half; consumer spending had slowed but showed signs of firming, business investment (especially high-tech) was strong, and housing was weak. Job gains had slowed significantly, the unemployment rate edged up to 4.3% in August, prior payrolls were revised down substantially, and downside employment risks had increased. Inflation had moved up and remained somewhat elevated (August total PCE 2.7%, core 2.9%), with tariffs adding pressure. Balance sheet runoff continued under existing caps ($5bn Treasuries, $35bn agency debt/MBS).

Past meetings

Release history (official values)