What changes are there in the full comparison of the Federal Reserve's October meeting statement?

On Wednesday, October 29th local time, the Federal Reserve lowered interest rates by 25 basis points as expected, bringing the target range for the federal funds rate down to 3.75% to 4.00%. In this statement, the Federal Reserve emphasized "available indicators" in the opening remarks, rather than the recent indicators mentioned previously, to reflect the recent lack of U.S. economic data.

The Federal Reserve's description of the economic outlook has not changed significantly since the September meeting, with slight changes as follows:

• The Federal Reserve changed its description of "economic activity growth slowing in the first half of the year" to "economic activity expanding at a moderate pace."
• The description of the labor market by the Federal Reserve remains largely consistent with previous statements, adding a series of time point descriptions, including: a slowdown in employment growth this year; a clear mention of the unemployment rate up to August of this year; and noting that the downside risks to employment have increased in recent months.
• The description of inflation is also generally consistent with July, while emphasizing that inflation has risen compared to the beginning of the year.
• The Federal Reserve added the statement "recent indicators are consistent with these changes."

Like the July meeting, the Federal Reserve stated that considering the changes in risk balance, it decided to lower interest rates by 25 basis points, bringing the benchmark rate down to 3.75%-4%. The Federal Reserve officially announced the end of quantitative tightening (QT) in the statement, stating that it will end its reduction of the total amount of securities held on December 1st.

At this meeting, Stephen I. Miran, a Federal Reserve governor appointed by President Trump last month, again cast a dissenting vote, as he did in the September meeting, believing that rates should be cut by 50 basis points instead of 25. Additionally, Kansas City Fed President Esther George also cast a dissenting vote, preferring to keep the target range unchanged at this meeting. Two dissenting votes, with similar directions, highlight the internal policy differences within the Federal Reserve.

Full Statement Translation

The full statement translation is as follows. The black font indicates parts that are the same as the September 2025 FOMC meeting statement, the red font indicates new parts from October 2025, and the blue font in parentheses indicates deleted wording from the September statement (please indicate the source when reprinting):

(Recent) available indicators suggest that (in the first half of the year) economic activity (growth has slowed) is expanding at a moderate pace. Employment growth has slowed this year, and the unemployment rate has slightly increased but remains low as of August; recent indicators are consistent with these changes. Inflation has risen compared to the beginning of the year and remains slightly elevated.

The Committee seeks to achieve maximum employment and a 2% inflation rate over the long term. Uncertainty regarding the economic outlook remains elevated. The Committee is closely monitoring risk factors that may affect its dual mandate and assesses that downside risks to employment have increased in recent months.

To support its objectives and considering the changes in risk balance, the Committee decided to lower the target range for the federal funds rate by 0.25 percentage points to (4%) 3.75% to (4.25%) 4%. In considering further adjustments to the target range for the federal funds rate, the Committee will carefully assess future data, evolving outlooks, and risk balances. The Committee (will continue to reduce its holdings of U.S. Treasury securities, agency debt, and agency mortgage-backed securities) has decided to end its reduction of the total amount of securities held on December 1st The committee is firmly committed to supporting maximum employment and bringing inflation back to its target of 2%.

When assessing the appropriate monetary policy stance, the committee will continue to monitor the impact of the latest information on the economic outlook. If risks emerge that could hinder the achievement of its goals, the committee will be prepared to adjust the monetary policy stance as deemed appropriate. The committee's assessment will reference a wide range of information, including labor market conditions, inflation pressures and expectations, as well as data on changes in financial and international conditions.

Voting in favor of this monetary policy were: FOMC Chair Jerome H. Powell, Vice Chair John C. Williams, Michael S. Barr, Michelle W. Bowman, Susan M. Collins, Lisa D. Cook, Austan D. Goolsbee, Philip N. Jefferson, Alberto G. Musalem, Jeffrey R. Schmid, and Christopher J. Waller. Voting against this move were committee members Stephen I. Miran, who favored a 0.5 percentage point reduction in the federal funds rate target range at this meeting, and Jeffrey R. Schmid, who preferred to maintain the federal funds rate target range unchanged at this meeting