Federal Reserve Holds Rates at 4.25 to 4.50 Percent as Two Governors Dissent
On July 30, 2025, the Federal Open Market Committee ended a two-day meeting in Washington and decided to maintain the target range for the federal funds rate at 4.25 percent to 4.50 percent, the fifth consecutive meeting without a change. The vote was 9 to 2, with two governors dissenting in favor of an immediate rate cut.
In its post-meeting statement, the committee said that while swings in net exports continue to affect the data, recent indicators suggest that growth of economic activity moderated in the first half of the year. The unemployment rate remains low and labor market conditions remain solid, while inflation remains somewhat elevated. The committee said uncertainty about the economic outlook remains elevated and that it is attentive to the risks to both sides of its dual mandate of maximum employment and 2 percent inflation.
Voting for the policy action were Chair Jerome Powell, Vice Chair John Williams, and Michael Barr, Susan Collins, Lisa Cook, Austan Goolsbee, Philip Jefferson, Alberto Musalem and Jeffrey Schmid. Voting against were Michelle W. Bowman and Christopher J. Waller, who preferred to lower the target range by one quarter of a percentage point at this meeting. Adriana Kugler was absent and did not vote.
Under the implementation note released the same day, the Federal Reserve maintained the interest rate paid on reserve balances at 4.40 percent and the primary credit rate at 4.50 percent, effective July 31, and will continue reducing its holdings of Treasury securities and agency securities. The committee said that in considering the extent and timing of additional adjustments to the target range, it will carefully assess incoming data, the evolving outlook and the balance of risks.
(Source: Federal Reserve)
Source: Federal Reserve
Published by GSM · USA (original Chinese edition)
Photo: 图：2025年7月30日，美联储主席 Jerome Powell 在联邦公开市场委员会会议后的记者会上回答记者提问；美联储当天决定维持联邦基金利率目标区间不变。美联储官方照片，公共领域，经 Wikimedia Commons。 / Photo: Federal Reserve Chair Jerome Powell answers reporters' questions at the post-FOMC press conference on July 30, 2025; the Fed held the federal funds rate target range steady that day. Official Federal Reserve photo, public domain, via Wikimedia Commons.
