Fed minutes September 2025

While Fed officials have a strong inclination to cut interest rates in September, the only disagreement appears to be over how much to cut, according to meeting minutes released Wednesday.

The meeting summary showed near-unanimity among participants on the Federal Open Market Committee that the central bank’s overnight borrowing rate should be lowered due to weakness in the labor market.

However, there were differences of opinion over whether two or three cuts should be made in total this year, including the quarter-point move approved at the September 16-17 meeting.

“Nearly all desk survey respondents expected a 25 basis point cut in the federal funds rate target range at this meeting, and about half expected an additional cut at the October meeting,” the minutes said. The statement was included. “The vast majority of respondents expected at least two 25 basis point cuts by the end of the year, while about half expected three cuts in that period.”

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