Federal Reserve - 2025-10-28

Date: 
Wednesday, October 29, 2025
Summary: 

A rare double-dissent, one hawk and one dove. And a total end to so-called "quantitative tightening." Meanwhile, at 3-7/8% now, the funds rate target is below every version of the Taylor Rule published by the Cleveland Fed (and they have a lot of versions). And yet the futures curve expects another 1% of cutting in the coming year.