Fed Minutes September 2025

In September, Federal Reserve officials were strongly inclined to cut interest rates, with the only dispute appearing to be over the number of cuts to come, according to meeting minutes released Wednesday.

The meeting summary indicates that near unanimity among participants in the Federal Open Market Committee is that the central bank’s overnight policy rate should be reduced due to the weak labor market.

They are divided, however, on whether there should be two or three total cuts this year, including the quarter percentage point approved at the Sept. 16-17 meeting.

“Nearly all Desk Survey respondents expected a 25 basis point reduction in the target range for the federal funds rate at this meeting, and about half expected an additional reduction at the October meeting,” the minutes state. “The vast majority of respondents expected at least two 25 basis point reductions by the end of the year, and about half expected three reductions over that period.”

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