Summary
Two primary source FOMC statements from the Federal Reserve website: June 18, 2025 (unanimous hold) and October 29, 2025 (cut to 3.75%–4%). These are the official policy statements from which media reporting is derived. The June statement reflects the peak of tariff uncertainty; October reflects the shift toward easing as labor market risks increased.
Key Points
June 18, 2025 (Unanimous Hold):
- Rate maintained at 4.25%–4.5%
- “Inflation remains somewhat elevated”; uncertainty has “diminished but remains elevated”
- Unanimous vote (12 voting members all in favor)
- Economy “continued to expand at a solid pace”
October 29, 2025 (Cut to 3.75%–4%):
- Rate cut by 25 bps to 3.75%–4%
- “Inflation has moved up since earlier in the year and remains somewhat elevated”
- “Downside risks to employment rose in recent months”
- Fed concluded reduction of securities holdings on December 1
- Two dissenters: Stephen Miran (wanted 50 bps cut); Jeffrey Schmid (preferred no change)
- Vast majority including Powell voted for 25 bps cut
Newsletter Angles
- The evolution from unanimous hold (June) to contentious cut (October) with dissents on both sides perfectly captures the Fed’s difficult position: doves want faster cuts, hawks want to wait on tariff inflation
- Primary source utility: these statements are the exact language Powell and the committee use — useful for quotes and precision
Entities Mentioned
- Jerome Powell — chair; voted for the cut
- Federal Reserve — issuing institution
- Stephen Miran — Trump appointee; dissented for larger cut
Concepts Mentioned
- Fed Independence — institutional voice these statements represent
- Tariff-Driven Inflation — “inflation has moved up since earlier in the year” reflects tariff effects
Notes
Primary sources from federalreserve.gov. Two separate files combined in one source page. The June 2025 statement URL: monetary20250618a.htm; October 2025 statement URL: monetary20251029a.htm.