Federal Reserve Holds Rates at 4.25% to 4.50%, Citing Still-Elevated Uncertainty
On June 18, 2025, the Federal Reserve concluded a two-day policy meeting in Washington, and the Federal Open Market Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. It was the committee's fourth consecutive meeting with no change.
In its statement, the committee said that although swings in net exports had affected the data, recent indicators suggested economic activity had continued to expand at a solid pace, the unemployment rate remained low, labor market conditions remained solid, and inflation remained somewhat elevated. Uncertainty about the economic outlook had diminished but remained elevated, the committee said, and it was attentive to the risks to both sides of its dual mandate.
The committee restated its longer-run goals of maximum employment and inflation at 2 percent. In considering the extent and timing of additional adjustments to the target range, it said it would carefully assess incoming data, the evolving outlook and the balance of risks. The committee said it would continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities.
The action was approved by all 12 voting members, including Chair Jerome H. Powell and Vice Chair John C. Williams. In the accompanying implementation note, the Board of Governors voted unanimously to maintain the interest rate paid on reserve balances at 4.4 percent and the primary credit rate at 4.5 percent, both effective June 20, 2025, and the Open Market Desk at the Federal Reserve Bank of New York was directed to maintain the federal funds rate in the 4-1/4 to 4-1/2 percent target range.
(Source: Board of Governors of the Federal Reserve System)
Source: Board of Governors of the Federal Reserve System
Published by GSM · USA (original Chinese edition)
Photo: 图：位于华盛顿的美联储总部 Marriner S. Eccles 大楼。AgnosticPreachersKid 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / Photo: The Marriner S. Eccles Federal Reserve Board Building in Washington. Photo by AgnosticPreachersKid, CC BY-SA 3.0, via Wikimedia Commons.
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