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FOMC December 10, 2025, Press Release – What has changed?

Dec 10, 2025

Summary:

  • Recent Available indicators suggest that economic activity has been expanding at moderate pace. (No Change)
  • Job gains have slowed this year, and unemployment rate has edged up but remained low through September.  More recent indicators are consistent with these developments. (Change)
  • The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
  • Inflation has moved up since earlier in the year and remains somewhat elevated.     (No Change)
  • Uncertainty around the economic outlook remains elevated. (No Change)
  • The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment rose in recent months. (No Change)
  • In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 3-1/2 to 3 3/4 percent. (Change)
  • In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. (Change)
  • The Committee decided to conclude the reduction of its aggregate securities holdings on December 1. (Removed)
  • The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. (No Change)
  • The Committee judges that reserve balances have declined to ample levels and will initiate purchases of shorter-term Treasury securities as needed to maintain an ample supply of reserves on an ongoing basis. (New)
  • Stephen I. Miran preferred to lower the target range for the federal funds rate by 1/2 percentage point, and Jeffrey R. Schmid preferred no change to the target range for the federal funds rate at this meeting. Austan D. Goolsbee, and Jeffrey R. Schmid, who preferred no change to the target range for the federal funds rate (Change)

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