FOMC minutes show the Fed cut rates by 25 bps in a split 9–3 vote.



Inflation sits at 2.8%, while downside risks to employment are rising.

Policymakers now project inflation won’t reach the 2% target until 2028, signaling a cautious, data-dependent path ahead.

#DrHan2025YearEndOpenLetter #2025GateYearEndSummary
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