Minutes of the Federal Open Market Committee

FOMC Minutes of the Federal Open Market Committee July 29–30, 2025 F E D E R A LR E S E R V ES Y S T E M Minutes of the Federal Open Market Committee July 29–30, 2025 A joint meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve System was held in the offices of the Board of Governors on Tuesday, July 29, 2025, at 1 9:00 a.m. and continued on Wednesday, July 30, 2025, at 9:00 a.m. Review of Monetary Policy Strategy, Tools, and Communications Participants continued their discussion related to the ongoing review of the Federal Reserve’s monetary policy strategy, tools, and communication practices (framework review).They observed that they had made important progress toward revising the Committee’s Statement on Longer-Run Goals and Monetary Policy Strategy (consensus statement).Participants discussed potential revisions to the consensus statement that would incorporate lessons learned from economic developments since the 2020 framework review and would be designed to be robust across a wide range of economic conditions. Participantsnoted that the Committee was close to finalizing changes to the consensus statement and would do so in the near future. Developments in Financial Markets and Open Market Operations The manager turned first to a review of financial market developments.