Fed Thoughts

Fed Thoughts: The Once and Future Fed

Fed Thoughts White Paper
October 2025

Authors & Contributors

The US government is shut down, but the lights are still on at the Federal Reserve (Fed). 

We take a look at the amount—and quality—of data available to the Federal Open Market Committee (FOMC) as they potentially lean toward a second consecutive 25-basis point interest rate cut. We also examine how changes to personnel may affect the Fed in the months ahead.