Economic activity continues to show resilience, with strong capital investment and domestic spending offsetting uncertainties tied to geopolitical developments. While job growth remains steady and the unemployment rate shows little movement, the committee emphasized that inflation remains elevated above its comfort zone. Officials indicated that they are waiting for additional data to determine the appropriate path forward to ensure price stability.

Lisa D. Cook and Beth M. Hammack dissented from the decision, advocating for a 1/4 percentage point increase in the target range. The committee reaffirmed its commitment to maintaining ample reserves in the banking system, prioritizing a measured transition toward its long-term inflation goals.