U.S. Federal Reserve Chair Jerome Powell announced a quarter-point interest rate cut during a press conference in Washington, D.C. on October 29, 2025. The decision was expected, but there were surprises, including dissenting votes from two members of the Federal Open Market Committee.

Powell strongly pushed back on the possibility of another rate cut in December, emphasizing that it is not a foregone conclusion. The committee also announced the end of quantitative tightening after November, with a focus on reinvesting in short-term bills. Inflation remains elevated at around 2.8%, with tariffs contributing to the increase.

The impact of the government shutdown on economic data was addressed by Powell, who stated that the outlook for employment and inflation has not changed significantly. While uncertainty remains, the economic picture includes moderating growth, rising unemployment, and somewhat elevated inflation. The Fed chair’s comments have led to differing views among economists regarding the likelihood of a rate cut in December.

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