FOMC statement of October 29, 2025
This statement of the Federal Open Market Committee, compared sentence by sentence with the scheduled statement before it: what changed in the text, and how the Committee voted.
In short
The Federal Open Market Committee released this statement on October 29, 2025. Compared with the previous scheduled statement of September 17, 2025: 5 sentences changed, 2 were added, 2 were removed, and 7 stayed the same. In words: 73 added, 39 removed. The vote on this statement: 2 members voted against: Stephen I. Miran, Jeffrey R. Schmid. On the September 17, 2025 statement: 1 member voted against: Stephen I. Miran.
FOMC statement · October 29, 2025
Changed sentences against the previous scheduled statement (September 17, 2025)
7 unchanged · 5 changed · 2 added · 2 removed · words +73 / −39
- September 17, 2025
- 1 member voted against: Stephen I. Miran.
- October 29, 2025
- 2 members voted against: Stephen I. Miran, Jeffrey R. Schmid.
Recent indicators suggest that growth of economic activity moderated in the first half of the year.
Available indicators suggest that economic activity has been expanding at a moderate pace.
Job gains have slowed this year, and the unemployment rate has edged up but remains remained low through August; more recent indicators are consistent with these developments.
Inflation has moved up since earlier in the year and remains somewhat elevated.
The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen rose in recent months.
In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 to 4-1/4 percent.
The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‐backed securities.
The Committee decided to conclude the reduction of its aggregate securities holdings on December 1.
Voting against this action was were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting, and Jeffrey R. Schmid, who preferred no change to the target range for the federal funds rate at this meeting.
Show the 7 unchanged sentences
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.
In considering 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.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · September 17, 2025
How to read this page
The page sets this statement of the Federal Open Market Committee next to the scheduled statement before it, sentence by sentence. The Fed’s sentences are shown as published, in English.
In a changed sentence, the words that were dropped are struck through and the new words are underlined. A sentence found only in the newer statement is marked as added; one found only in the older statement, as removed. Sentences that did not change are collapsed.
The counts say how many sentences fall into each of those groups, and how many words were added and removed. They count edits; they do not weigh them.
The vote lines show how the Committee voted on each statement and who voted against, as the statement itself reports it.
The comparison is made by a fixed rule, not by a model, and it reads nothing into the text.
The Fed’s text is shown in its original English and is not translated. This page only shows what changed in the text; it is not a reading of direction, tone or risk, and it is not part of the MVIE score. MVIE Pro is independent research and is not affiliated with the Federal Reserve.