today’s Federal Reserve (Fed) meeting (29 Oct 2025):
• The Fed cut its key interest rate by 25 basis points, bringing the federal funds rate to 3.75 %–4.00 %. 
• This is the second rate cut of 2025 (the first was in September). 
• Two Fed officials dissented:
• Stephen Miran wanted a 50-basis-point cut instead of 25. 
• Jeffrey Schmid voted for no rate cut at all. 
• On the balance sheet front, the Fed said it will stop shrinking its securities holdings (i.e., end “quantitative tightening” or QT) from 1 Dec 2025. 
• The Fed noted that inflation has moved up and remains “somewhat elevated”. 
• It also said the downside risks to employment have risen in recent months. 
• As for the December meeting: the Chair said the next rate cut is not a certainty and the Fed will be data-dependent, meaning the December decision will depend on how things evolve (especially inflation and job data) rather than being pre-committed.
• The Fed cut its key interest rate by 25 basis points, bringing the federal funds rate to 3.75 %–4.00 %. 
• This is the second rate cut of 2025 (the first was in September). 
• Two Fed officials dissented:
• Stephen Miran wanted a 50-basis-point cut instead of 25. 
• Jeffrey Schmid voted for no rate cut at all. 
• On the balance sheet front, the Fed said it will stop shrinking its securities holdings (i.e., end “quantitative tightening” or QT) from 1 Dec 2025. 
• The Fed noted that inflation has moved up and remains “somewhat elevated”. 
• It also said the downside risks to employment have risen in recent months. 
• As for the December meeting: the Chair said the next rate cut is not a certainty and the Fed will be data-dependent, meaning the December decision will depend on how things evolve (especially inflation and job data) rather than being pre-committed.
