Federal Reserve Minutes Reflect Ongoing Divergence Over Interest Rates

Monetary policymakers continued debating whether employment or inflation were greater risks to the U.S. economy.

Federal Reserve Chair Jerome Powell speaks at a news conference following the Federal Open Market Committee meeting in Washington on Oct. 29, 2025. Madalina Kilroy/The Epoch Times

The Federal Reserve’s December meeting proved far more fractured than the final vote suggested, underscoring the persistent split in policymakers’ views.

Earlier this month, the Federal Open Market Committee voted 9–3 to lower the benchmark federal funds rate—a key policy rate that influences borrowing costs—by a quarter point.