The US Federal Reserve reduced the federal funds target range by 25 bps to 3.75%–4.00% on . The move and wording appear in the official FOMC statement. September’s prior decision had set the range at 4.00%–4.25% (see September statement).
In the press conference, Chair Jerome Powell said a December cut was “not a foregone conclusion,” noting “strongly differing” committee views (see opening statement transcript). The statement also said the reduction of aggregate securities holdings would conclude on December 1, 2025. For price context, the BLS CPI report showed a 3.0% 12‑month rise for September 2025.
Related reading on our site: earlier coverage of Powell’s signal on easing: Powell signals imminent rate cuts in 2025. You can also scan global currency shifts that intersect with rate paths: China–Saudi currency swap explainer.
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“A further reduction in the policy rate at the December meeting is not a foregone conclusion, far from it.” — Chair Jerome Powell, Oct 29 press conference
September 2025 (4.00–4.25%)
- First 25 bps cut of the cycle.
- Inflation described as “somewhat elevated.”
- Balance sheet runoff continuing at stated pace.
October 2025 (3.75–4.00%)
- Second 25 bps cut; runoff set to end Dec 1, 2025.
- Decision accompanied by split views within FOMC.
- December outcome left data‑dependent.
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