FOMC Summary of Economic Projections, December 2025

Fed's Williams: The economy is well-positioned to grow in 2026. FED'S WILLIAMS SAYS FED RATE CUTS POSITION FED TO BALANCE JOB, INFLATION MANDATES FED'S WILLIAMS SAYS GRADUAL COOLING IN JOB MARKET POINTS TO MODESTLY RESTRICTIVE MONETARY POLICY Fed's Williams: Uncertainty over tariffs has fallen quite a bit.

Good morning, everyone. It’s great to be here at the Liberty Science Center, home of the largest planetarium in the Western Hemisphere. Typically, this would be the perfect opportunity for me to discuss the star variables in economics. Alas, I’ll save that for the Q&A. Instead, I’m going to talk to you today about the U.S. economy and how the Federal Reserve is working to achieve its dual mandate of maximum employment and price stability. I’ll also discuss recent actions by the Federal Open Market Committee (FOMC), and I’ll give my economic outlook. Before I go further, I must give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the FOMC or others in the Federal Reserve System. Turning the Corner One of the important parts of my job is to travel throughout the Federal Reserve’s Second District. It gives me the opportunity to meet with business, community, and government leaders and get a firsthand and in-depth look at the challenges and opportunities facing our region. In recent years, North Jersey has largely followed the trajectory of the broader U.S. economy: It was hit hard by the pandemic, rebounded quickly, grappled with inflation, and then, over the past year, faced heightened uncertainty stemming from geopolitical events and changes in trade policy. Fed's Williams: Monetary policy is very focused on balancing jobs. Fed's Williams: Monetary policy is well-positioned for what lies ahead. Fed's Williams: It is critical for the US central bank to get inflation back to 2%. Fed's Williams: Fed policy has moved toward neutral from modestly restrictive.

FED’S MIRAN: REITERATES POLICY TOO RESTRICTIVE, UNDERLYING INFLATION CLOSE TO TARGET - CNBC <=USD>:*FED'S MIRAN SEES NO MATERIAL IMPACT FROM TARIFFS IN INFLATION Fed: If the labor market continues on this trajectory, along with inflation, we will be in a really BAD spot in 2027... because we kept policy too tight. -Fed Miran

Fed's Collins: Supported Fed Rate Cut But It Was 'Close Call' - Supported Rate Cut Amid Shifting Balance Of Risks - Sees Future Inflation Risks As Lower Than They Were