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Federal Reserve Chairman Jerome Powell noted that recent evidence of weakness in the labor market prompted the central bank to shift their balance of risks to prioritize growth concerns in a speech in Rhode Island. The Chairman elaborated that the unemployment rate increased, despite remaining historically low, and job growth slowed, warranting the rate cut in September despite the persistent inflationary pressure. He also reiterated that there is no preset course to future rate decisions, but noted that policy remains restrictive. The FOMC cut its policy rate sby 25bps in September 2025 to the 4.00%–4.25% range, in line with expectations. The Fed's SEP reflected another 50bps by the end of 2025, and a quarter point in 2026, slightly more than expected in June. GDP growth projections were revised higher for 2025 (1.6% vs 1.4% seen in the June projection), 2026 (1.8% vs 1.6%) and 2027 (1.9% vs 1.8%).