Points | The Fed's Consensus Statement, Annotated
- Edward von der Schmidt
- Sep 12, 2025
- 11 min read
Uncertainty surrounds the Federal Reserve and the aftermath of the September 16-17 Federal Open Market Committee (FOMC) meeting. The Committee appears most likely to cut rates modestly (as markets and forecasters generally expect) and to signal a careful adjustment period without committing to a preset course, thus preserving the flexibility to pause or accelerate. That said, a September hold or even a larger initial cut are not entirely off the table. The Fed will balance competing labor market and inflation narratives while grappling with challenges to its independence. What guides these decisions?