FOMC Press Conference, December 10, 2025

Federal Open Market Committee press conference · December 10, 2025

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Chair's opening statement: rate cut and reserve purchases

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0:07 → 9:26(9m 18s)

Chair Powell opened by saying the FOMC decided to lower the policy interest rate by a quarter percentage point and to initiate purchases of shorter-term Treasury bills to maintain an ample supply of reserves. He summarized the SEP projections (median GDP 1.7% this year, total PCE 2.9% this year, core PCE 2.8%) and described labor-market cooling and elevated inflation driven largely by goods prices and tariffs. He said the federal funds target range was lowered to 3½–3¾ percent and that reserve-management purchases were expected to total $40,000,000,000 in the first month.

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Actions:rate cut 25bpsreserve purchases initiated

The Federal Open Market Committee signaled a quarter-point cut to the policy rate and announced short-term Treasury purchases to maintain ample reserves, while Chair Powell answered reporters on inflation, labor-market cooling, tariffs and productivity.

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Transcript

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