Most Federal Reserve officials noted that it was appropriate to move the target range for the federal funds rate toward a more neutral level, as they judged that downside risks to employment had increased while upside risks to inflation had either diminished or remained unchanged. However, a majority still emphasized concerns about inflation going higher, according to minutes from the September 2025 FOMC meeting. In addition, most participants considered it likely that further policy easing would be appropriate over the remainder of the year, with around half of officials anticipating two additional interest rate cuts by the end of 2025. Officials continued to say they would weigh risks both to inflation and employment as they considered their next move. The Federal Reserve cut the federal funds rate by 25bps in September 2025, bringing it to the 4.00%–4.25% range, in line with expectations. It was the first reduction in borrowing costs since December.