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Federal Reserve System (FED) investor relations material
Federal Reserve System FOMC Meeting summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.FOMC Meeting summary29 Oct, 2025
Economic outlook and recent developments
Economic activity is expanding at a moderate pace, with GDP growth slowing to 1.6% in the first half of the year from 2.4% last year, mainly supported by strong consumer spending.
Job gains are slowing, unemployment is edging up but remains low, and labor market conditions are gradually cooling with downside risks to employment rising due to lower immigration and labor force participation.
Inflation has eased from its 2022 highs but remains somewhat elevated and above the 2% target, with recent increases in goods inflation due to tariffs, while services inflation continues to moderate.
Near-term inflation expectations have risen, but longer-term expectations remain anchored around the 2% goal.
Uncertainty about the economic outlook is elevated, with downside risks to employment rising in recent months.
Monetary policy actions and guidance
The policy interest rate was lowered by 25 basis points to a target range of 3.75% to 4%.
Interest rate paid on reserve balances reduced to 3.90 percent, and the primary credit rate decreased by 1/4 percentage point to 4.0 percent.
The reduction of aggregate securities holdings will conclude as of December 1, with all principal payments from Treasury and agency securities to be reinvested thereafter.
Policy is not on a preset course; future rate decisions will depend on incoming data and evolving risks.
There are strongly differing views within the Committee about the path forward, with no consensus on further rate cuts.
Balance sheet and financial system
Balance sheet runoff will cease December 1, as reserve levels are now judged ample; securities holdings have declined from 35% to 21% of GDP.
The Fed will hold the balance sheet steady, reinvesting agency securities into Treasury bills to normalize portfolio composition.
Over time, reserves will need to grow again to match the banking system and economic size, with a gradual shift toward a shorter-duration, Treasury-heavy balance sheet.
Financial system stability is being monitored, with banks well-capitalized and household debt manageable, though subprime auto loan defaults are rising.
Open market operations and standing repo facilities are set to maintain the federal funds rate within the new target range.
Explain the December 1 balance sheet changes
What employment risk influenced the rate cut?
What were the dissenting policy preferences?
Detail balance sheet reinvestment strategy
What drives differing views on December cut?
How will Fed manage persistent tariff inflation?
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Next Federal Reserve System earnings date
FOMC Meeting10 Dec, 2025
Next Federal Reserve System earnings date
FOMC Meeting10 Dec, 2025
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Frequently asked questions
The Federal Reserve, often referred to as the Fed, is the central banking system of the United States. Established by the Congress to provide the nation with a safe, flexible, and stable monetary and financial system, it performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest. These include conducting the nation’s monetary policy, promoting the stability of the financial system, ensuring the safety and soundness of individual financial institutions, fostering payment and settlement system safety and efficiency, and promoting consumer protection and community development. The Federal Reserve is not a publicly listed company; instead, it is a federal institution that operates independently within the government, having both public purposes and private aspects. Its key decision-making body is the Federal Open Market Committee (FOMC), responsible for open market operations and monetary policy decisions. The system is headquartered in Washington, D.C.
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