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FOMC September 17, 2025, Press Release – What has changed?

Sep 17, 2025

Summary:

  • Recent indicators suggest that growth of economic activity moderated in the first half of the year. (No Change)
  • Job gains have slowed, and unemployment rate has edged up but remains low. (Change)
  • Inflation has moved up and remains somewhat elevated. (Change)
  • Uncertainty around the economic outlook remains elevated. (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 4 to 4 -1/4 percent. (Change)
  • In considering 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. (No Change)
  • The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. (No Change)
  • Continue reducing its holdings of Treasury securities, agency debt, and agency mortgage-backed securities. (No Change)
  • 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)
  • Stephen I. Miran preferred to lower the target range for the federal funds rate by 1/2 percentage point (Change)

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