October 28–29 · Published November 19, 2025
Jerome H. Powell
October 28–29, 2025 FOMC Minutes
Our reading
The minutes are consistent with the statement because they confirm the key policy decision and economic assessment: the FOMC voted to lower the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent, citing moderate economic expansion, slowed job gains, an edging up but still low unemployment rate, and elevated inflation, while also agreeing to conclude balance sheet reduction on December 1—all of which directly mirror the statement's language and actions.
Our reading compares the minutes of the October 28–29 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
- Stephen I. Miran ↓ dissented
- Preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting
- Alberto G. Musalem
- Jerome H. Powell
- Jeffrey R. Schmid ↑ dissented
- Preferred no change to the target range for the federal funds rate at this meeting
- Christopher J. Waller
- John C. Williams
From the minutes
FOMC minutes
Voting for this action: Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Susan M. Collins; Lisa D. Cook; Austan D. Goolsbee; Philip N. Jefferson; Alberto G. Musalem; and Christopher J. Waller.
Voting against this action: Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting, and Jeffrey R. Schmid, who preferred no change to the target range for the federal funds rate at this meeting.
Consistent with the Committee's decision to lower the target range for the federal funds rate to 3-3/4 to 4 percent, the Board of Governors of the Federal Reserve System voted unanimously to lower the interest rate paid on reserve balances to 3.90 percent, effective October 30, 2025. The Board of Governors of the Federal Reserve System voted unanimously to approve a 1/4 percentage point decrease in the primary credit rate to 4.0 percent, effective October 30, 2025.3
It was agreed that the next meeting of the Committee would be held on Tuesday–Wednesday, December 9–10, 2025. The meeting adjourned at 10:20 a.m. on October 29, 2025.
What changed from the previous meeting’s minutes
- The target federal funds rate range was lowered from 4 to 4-1/4 percent to 3-3/4 to 4 percent.
- Two members voted against the rate decision, up from one dissenting vote previously.
- Jeffrey R. Schmid voted against, preferring no change, while Stephen I. Miran again preferred a 1/2 percentage point cut.
- The FOMC decided to conclude balance sheet runoff on December 1, ending the reduction of securities holdings.
- The September Employment Situation report was unavailable due to the government shutdown, affecting labor market assessments.
- Participants noted short-term inflation expectations had eased from earlier peaks, a shift from prior concerns about elevated readings.
Summary generated automatically from the two documents.