The Federal Reserve's Monetary Policy Report, published in February 2025, offers a comprehensive analysis of recent economic and financial developments. It summarizes the state of inflation, the labor market, economic activity, and financial conditions, both domestically and internationally. The report outlines the Federal Open Market Committee's (FOMC) policy decisions, including adjustments to the federal funds rate and balance sheet. Special topics covered include employment disparities across demographic groups, labor productivity, the Fed's balance sheet, and a review of monetary policy strategy. The document also presents economic projections from FOMC participants and discusses forecast uncertainty. Appendices provide detailed source notes for the data and analysis presented.
