OIL: Bessent meeting China’s He In Malaysia Probably A Week From Tomorrow

• Fed funds rate range maximum: 4.25%
• Number of dissenters to size of rate move: ONE. Miran preferred 50bp cut. The lowest dot, if Miran's, suggests he saw 50 bp cuts for Sept, Oct, Dec to end the year at 2.875%.
• Number of dissenters preferring a larger cut: ONE. Miran
• Median projection of fed funds rate at end-2025: 3.6%
• Median projection of fed funds rate at end-2026: 3.4%
• Median projection of fed funds rate at end-2027: 3.1%
• Median projection of fed funds rate at end-2028: 3.1%
• Median projection of longer run fed funds rate: 3.0%
• Number of 2025 dots > 4.125%: ONE
• Number of 2025 dots > 3.875%: SEVEN
• Number of 2025 dots < 3.875%: TEN
• Number of 2025 dots < 3.625%: ONE

• MNI: FED CUTS FUNDS RATE 25BP TO 4%-4.25%; VOTE 11-1
• GOV MIRAN DISSENTS IN FAVOR OF LARGER 50BP CUT
• MEDIAN FOMC MEMBER SEES 2 MORE CUTS THIS YEAR, 1 CUT '26
• 9 OFFICIALS SEE 2 MORE CUTS THIS YEAR, 9 SEE 1 OR FEWER
• LOWEST DOT AT 2.875% FOR 2025, 2.625% IN 2026
• MEDIAN INFLATION PROJECTIONS REVISED UP TO 2.6% IN 2026
• MEDIAN UNEMPL PROJECTION REVISED DOWN TO 4.4% IN '26
• FED: 'DOWNSIDE EMPLOYMENT RISKS HAVE RISEN'
• FED: INFLATION HAS MOVED UP, REMAINS SOMEWHAT ELEVATED

Links (likely URLs based on previous meetings, would only go live at 1400ET):

• Statement
• Implement. note
• Summary of Econ. Proj.