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Federal Reserve

Opinion

Stephen Bartholomeusz Senior business columnist October 30, 2025 — 11.58am

The US Federal Reserve Board is in the dark, there are mixed signals from the US economy, members of its rate-setting committee are increasingly divided and Donald Trump’s pick for its next chair will soon be revealed.

All of these developments have created a number of question marks over the outlook for US monetary policy.

In announcing a 25 basis cut to its policy rate – the federal funds rate (equivalent to the Reserve Bank’s cash rate), Fed chair Jerome Powell said there were divided views on what the US central bank should do next.

“At this meeting, there were strongly differing views about how to proceed. A further reduction in the policy rate at the Dec

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