Federal Reserve Chairman Jerome Powell delivered a speech following the two-day policy meeting on Wednesday. This rate cut (September 2025): The FOMC decided to lower the target range for the federal funds rate by 25 basis points (0.25%), from 4.25%-4.50% to 4.00%-4.25%. This is the first rate cut of the year and is intended to address increasing downside risks in the labor market while balancing inflation targets. Remaining rate cuts in 2025: The median projection in the dot plot suggests a total of 50 basis points of additional rate cuts (or two 25 basis point cuts) for the entire year of 2025. This implies two more rate cuts from now on (one each expected in October and December), bringing the target range to 3.50%-3.75% by year-end. Powell emphasized that policy has no pre-set path and will adjust based on data (such as employment and inflation), with the balance of risks tilted in favor of employment. Interest rate cuts in 2026: The median forecast calls for one 25 basis point cut, for a total annual reduction of 25 basis points, lowering the target range to 3.25%-3.50% by the end of the year. This is more conservative than the market's pricing (approximately three rate cuts), reflecting the Fed's cautious optimism about declining inflation. Furthermore, newly appointed Governor Stephen Milan was the only one to oppose a 25 basis point cut, favoring a 50 basis point cut. True to form, he's a Trump supporter, sounding the talk right off the bat. 😂 In short, seize the remaining three months of this year and we'll discuss next year's prospects. #btc #eth