Federal Reserve Statement

Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization. Inflation remains somewhat elevated.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate.

In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Beth M. Hammack; Philip N. Jefferson; Neel Kashkari; Lorie K. Logan; and Anna Paulson. Voting against this action were Stephen I. Miran and Christopher J. Waller, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting.

Two Trump Puppets Dissent

Stephen I. Miran was appointed by Trump and Waller is in the running to replace Jerome Powell as Fed Chair.

Miran is an American economist who has served as a member of the Federal Reserve Board of Governors since September 2025. He has also served as the chair of the Council of Economic Advisers since January 2025, though he placed himself on leave in September.

Christopher J. Waller was appointed to the Federal Reserve Board of Governors by President Donald Trump. He was nominated in 2019, confirmed by the U.S. Senate in a 48-47 vote on December 3, 2020, and took the oath of office on December 18, 2020, for a term ending January 31, 2030.

Both puppets dissented as expected.

No Dot Plots

There were no Dot Plots of expected future policy this month.

Live Video of Press Conference

You can also watch a Live Video of the Press Conference at the Federal Reserve website.

I expect questions on the US dollar. And I expect Powell will not answer. We will soon find out.

Words on My Bingo Card

Dollar, interest, jobs, Bessent, dissent, grounded, mulligan, strong, weak, resilient, expectations.

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