What was the Federal Reserve's rate decision and who dissented?

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On September 17, 2025, the Federal Open Market Committee voted 11–1 to lower the federal funds target range by 25 basis points to 4.00%–4.25% ). Newly confirmed on September 15, 2025 by a narrow 48–47 Senate vote, Fed Governor Stephen Miran was the lone dissenter, arguing for a larger 50-basis-point cut ). The move came amid fresh signs of labor market softening—nonfarm payrolls rose by just 22,000 in August and the unemployment rate climbed to 4.3%—even as headline CPI inflation ran at 2.9%, both missing the Fed’s comfort zone ). Miran’s dissent underscored the Trump administration’s sustained pressure on the Fed, with President Trump publicly badgering the central bank throughout the summer for more aggressive easing ).

What was the Federal Reserve's rate decision and who dissented?

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