Bank notes: October to December 2025
A round-up of news and salient issues that have affected central bankers in the past three months
The Federal Open Market Committee decided on October 29 to cut the federal funds rate by 25bp, taking it to a range of 3.75–4%, but only following a three-way split among its members. Jeffrey Schmid, president of the Kansas Fed, voted to leave the rate unchanged. Stephen Miran, the Fed board’s newest member, preferred to ease by 50bp, thereby illustrating his close ties with the White House and president Donald Trump’s preferred path for monetary
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