Fed Thoughts

Fed Thoughts: Time Present and Time Past

Fed Thoughts White Paper
December 2025

Authors & Contributors

To understand how the Federal Open Market Committee (FOMC) may act at the last meeting of the year, it helps to look to the past at the September projections and discussions in October, which revealed a wide range of policy views among FOMC participants.

With preferences largely unchanged amid limited new data, the debate on whether the economic risks call for a rate cut in December is narrowing.  

We break down the key factors shaping the FOMC’s decision, from past forecasts and member views to economic risks and voting dynamics.