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Key Points:
The Federal Open Market Committee (FOMC) voted to cut the federal funds rate by 25bps to 3.75% - 4.0% in October.
- Members are generally expecting higher policy rates over the longer run compared with rates seen in the 2010s.
- The central tendency shown in the chart below excludes the three highest and three lowest responses collected in the September Summary of Economic Projections.
FOMC Summary of Economic Projections, September 2025
Despite elevated macroeconomic uncertainty, the Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) found lending standards for credit card, auto and other consumer loans were basically unchanged over the third quarter of 2025.
Net % of Domestic Banks Tightening Standards for Loans
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