SUMMARY OF FED DECISION:
Fed cuts rates by 25 bps in first rate cut of 2025
Median projection shows 50 bps in additional rate cuts for 2025
Governor Miran dissents in favor of 50 bps cut today
Fed says downside risks to employment have risen
6 Fed officials see no more rate cuts in 2025
9 Fed officials see 2 additional rate cuts in 2025
The Fed is shifting their focus to the labor market.
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Good summary. The Fed's pivot to labor market concerns is notable, especially with downside risks rising. Historically, rate cuts in softening job markets can signal broader economic shifts. Curious to see how this plays out in 2025.