Policy rate unchanged at 3.5-3.75% after 75bps of cuts over previous three meetings. Current stance seen as appropriate to promote progress toward dual mandate goals.

Broad committee support for holding rates today, though some dissenters wanted a cut. No preset test for next cut; decisions will be meeting-by-meeting based on data.

Most goods price overrun is from tariffs (a one-time increase), not demand. Core PCE would be just above 2% excluding tariff effects. Services show ongoing disinflation.

Upside risks to inflation and downside risks to employment have diminished but still exist; not declaring them fully balanced. Policy is in a good place.

Central bank independence is a critical institutional arrangement for credibility and serving the public, common across advanced democracies.

Wealth effects from rising asset values support spending by higher-income households, while lower-income consumers are economizing and trading down.