Federal Reserve officials expressed confidence in easing inflation and a strong labor market, supporting gradual interest rate cuts. The Federal Open Market Committee unanimously lowered the benchmark rate by 25 basis points. Policymakers noted that inflation, though above the 2% goal, is trending lower, and shelter cost pressures are expected to ease. Members highlighted uncertainties over the neutral interest rate and the potential economic impact of President-elect Donald Trump’s fiscal policies, including tariffs and deregulation.