The US Fed addressed inflation concerns heightened by recent tariffs, which have driven up prices for certain goods. At the October 28-29, 2025, meeting, the Fed voted 10-2 to set the policy rate at 3.75-4.00%. One member, Jeffery Schmidt, supported no change, while Stephan Miran backed a 50 bps cut.

The US job market faced a rough phase in the last couple of months and showed a weak labor market. Job quitting rates have remained low, and layoffs have increased in 2025.