The Federal Open Market Committee (FOMC) meeting concluded on July 30, 2025, with the following key updates ¹ ² ³:

- *Interest Rate Decision*: The FOMC kept the federal funds rate steady at 4.25%-4.50%, aligning with market expectations. This decision reflects a cautious approach amid economic uncertainties, including inflation and trade policy dynamics.

- *Future Rate Cuts*: Fed Chair Jerome Powell indicated that no decision has been made regarding a rate change at the September meeting. However, markets are pricing in potential rate cuts starting as early as September, with some analysts predicting a 25-basis-point cut.

- *Dissent Among Policymakers*: The meeting saw a rare internal division, with Governors Christopher Waller and Michelle Bowman dissenting in favor of a rate cut. This marks the first time since 1993 that multiple governors have voted against a Fed decision.

- *Economic Outlook*: The US economy grew by 3% in Q2 2025, a sharp rebound from Q1's contraction. However, inflation pressures remain a concern, with the Fed's preferred inflation gauge still above the 2% target.

- *Tariffs and Inflation*: Powell emphasized that the impact of new US tariffs on global trade dynamics and inflation remains uncertain. The Fed is closely monitoring incoming data and geopolitical developments to gauge the need for future rate adjustments.

- *Market Reaction*: The Dow Jones Industrial Average fell 172 points (-0.4%) following Powell's press conference, while Treasury yields edged higher as investors reassessed the risk environment amid uncertain Fed policy direction.

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