02:48 PM EDT, 10/29/2025 (MT Newswires) -- After rate reductions at the last two Federal Open Market Committee meetings, a further reduction at the next meeting in December is not guaranteed due to double-sided risks and divergent opinions on the path of monetary policy, Federal Reserve Chairman Jerome Powell said Wednesday in a press conference after the FOMC meeting.

"In the Committee's discussions at this meeting, there were strongly differing views about how to proceed in December," Powell said. "A further reduction in the policy rate at the December meeting is not a forgone conclusion. Far from it. Policy is not on a preset course."

The FOMC voted to lower the target for its federal funds rate to 3.75% to 4.00%, with two dissents. Fed Governor Stephen Miran as expected wanted the FOMC to lower the target range by 50-basis points, while Kansas City Fed President Jeffrey Schmid wanted no rate reduction.

Additionally, the FOMC said that it intends to end the reduction of its securities holdings, or quantitative tightening, on Dec. 1.