June 17–18 · Published July 9, 2025
Statement·Presser·Minutes·Policy
Jerome H. Powell
June 17–18, 2025 FOMC Minutes
Our reading
The minutes are consistent with the statement because they reflect the same key assessments—solid economic growth despite net export swings, low unemployment, somewhat elevated inflation, and diminished but still elevated uncertainty—and confirm the unanimous decision to maintain the federal funds rate target range at 4-1/4 to 4-1/2 percent.
Our reading compares the minutes of the June 17–18 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- Michael S. Barr
- Michelle W. Bowman
- Susan M. Collins
- Lisa D. Cook
- Austan D. Goolsbee
- Philip N. Jefferson
- Adriana D. Kugler
- Alberto G. Musalem
- Jerome H. Powell
- Jeffrey R. Schmid
- Christopher J. Waller
- John C. Williams
From the minutes
FOMC minutes
Voting for this action: Jerome H. Powell, John C. Williams, Michael S. Barr, Michelle W. Bowman, Susan M. Collins, Lisa D. Cook, Austan D. Goolsbee, Philip N. Jefferson, Adriana D. Kugler, Alberto G. Musalem, Jeffrey R. Schmid, and Christopher J. Waller.
Voting against this action: None.
Consistent with the Committee's decision to leave the target range for the federal funds rate unchanged, the Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on reserve balances at 4.4 percent, effective June 20, 2025. The Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 4.5 percent.
It was agreed that the next meeting of the Committee would be held on Tuesday–Wednesday, July 29–30, 2025. The meeting adjourned at 10:10 a.m. on June 18, 2025.
What changed from the previous meeting’s minutes
- Participants judged overall uncertainty had diminished since the previous meeting, though still elevated.
- Risks to employment and inflation were assessed as decreased from April levels.
- Most participants saw some reduction in the federal funds rate this year as likely appropriate.
- A couple of participants were open to considering a rate cut as soon as the next meeting.
- Some participants saw no reductions in the target range this year as the most likely path.
- Several participants commented the current target range may not be far above its neutral level.
Summary generated automatically from the two documents.