FOMC Statement:

Statement overview: The committee lowered the interest rate by 25 basis points to 3.50%-3.75%, marking the third consecutive meeting of rate cuts. Milan supports a 50 basis point cut, while Goolsbee and Schmitt support keeping rates unchanged.
Interest rate outlook: Will consider further adjustments to the magnitude and timing of rate changes. The dot plot remains exactly the same as in September, with expectations of one rate cut each in the next two years.
Inflation outlook: Inflation has risen somewhat since the beginning of the year, remaining at relatively high levels, consistent with previous statements. The SEP lowered the inflation forecast for next year.
Economic outlook: Economic activity has been expanding at a modest pace, with high uncertainty about the outlook, consistent with previous statements. Upward revisions were made to GDP growth over the next three years.
Labor market: The description of the unemployment rate as "low" was removed, indicating that downside risks to employment have increased in recent months. The unemployment rate forecast for next year remains at 4.4%.
Reserves and asset purchases: Began purchasing Treasury securities on December 12, with $40 billion worth of Treasury securities to be purchased over the next 30 days. The operational restrictions on the standing overnight repurchase agreement (ON RRP) were removed.