Fed On Pause until Policy Fog Clears
Our Privacy Policy has been updated! The Conference Board uses cookies to improve our website, enhance your experience, and deliver relevant messages and offers about our products. Detailed information on the use of cookies on this site is provided in our cookie policy. For more information on how The Conference Board collects and uses personal data, please visit our privacy policy. By continuing to use this Site or by clicking "ACCEPT", you acknowledge our privacy policy and consent to the use of cookies. 
Our Privacy Policy has been updated! Detailed information on the use of cookies on this site is provided in our cookie policy and our privacy policy. 
TCB Tourch
Loading...
  •  
    • NORTH AMERICA
    • EUROPE
    • ASIA
  • 2

    Close
    • Insights
        • Insights
        • Explore by Center
          • Explore by Center
          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

        • Explore by Content Type
          • Explore by Content Type
          • Reports

          • Upcoming Webcasts

          • On Demand Webcasts

          • Podcasts

          • Charts & Infographics

          • Explore All Research

          • Economic Indicators

        • Trending Topics
          • Trending Topics
          • Artificial Intelligence (AI)

          • Navigating Washington

          • Geopolitics

          • US Economic Forecast

          • Sustainability

          • Future of Work

          • Explore All Trending Topics

    • Events
        • Events
        • Upcoming Events
          • Upcoming Events
          • Reimagine: The Future of Business

          • 2026: A Year in Preview

          • Explore all Upcoming Events

          • Sponsor a Program

        • Member-Exclusive Programs
          • Member-Exclusive Programs
          • Center Briefings

          • Expert Briefings

          • Experts Live

          • Roundtables

          • Working Groups

          • View all Upcoming Events, Programs, and Webcasts

    • Data
        • Data
        • All Data

        • Consumer Confidence Index®

        • Data Central

        • TCB Benchmarking

        • Recession & Growth Trackers

        • Global Economic Outlook

        • Leading Economic Indicators

        • Help Wanted OnLine

        • Labor Markets

        • Measure of CEO Confidence

        • CMO+CCO Meter Dashboard

    • Centers
        • Centers
        • Our Centers
          • Our Centers
          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

        • Center Membership
          • Center Membership
          • What Is a Center?

          • Benefits of Center Membership

          • Join a Center

    • Councils
        • Councils
        • Find a Council
          • Find a Council
          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

        • Council Membership
          • Council Membership
          • What is a Council?

          • Benefits of Council Membership

          • Apply to a Council

    • Membership
        • Membership
        • Why Become a Member?
          • Why Become a Member?
          • Benefits of Membership

          • Check if Your Organization is a Member

          • Speak to a Membership Associate

        • Types of Membership
          • Types of Membership
          • Council

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Insights

          • TCB Advisory

        • Already a Member?
          • Already a Member?
          • Sign In to myTCB®

          • Executive Communities

          • Member-Exclusive Programs

          • Refer a Leader - Earn a Reward

    • About Us
        • About Us
        • Who We Are
          • Who We Are
          • About Us

          • In the News

          • Press Releases

          • Our History

          • Support Our Work

          • Locations

          • Contact Us

        • Our Community
          • Our Community
          • Our Leadership

          • Our Experts

          • Trustees

          • Voting Members

          • Global Counsellors

          • Careers

          • This Week @ TCB

    • Careers
    • This Week @ TCB
    • Sign In to myTCB®
      • NORTH AMERICA
      • EUROPE
      • ASIA
    • Insights
      • Insights
      • Explore by Center
        • Explore by Center
        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

      • Explore by Content Type
        • Explore by Content Type
        • Reports

        • Upcoming Webcasts

        • On Demand Webcasts

        • Podcasts

        • Charts & Infographics

        • Explore All Research

        • Economic Indicators

      • Trending Topics
        • Trending Topics
        • Artificial Intelligence (AI)

        • Navigating Washington

        • Geopolitics

        • US Economic Forecast

        • Sustainability

        • Future of Work

        • Explore All Trending Topics

    • Events
      • Events
      • Upcoming Events
        • Upcoming Events
        • Reimagine: The Future of Business

        • 2026: A Year in Preview

        • Explore all Upcoming Events

        • Sponsor a Program

      • Member-Exclusive Programs
        • Member-Exclusive Programs
        • Center Briefings

        • Expert Briefings

        • Experts Live

        • Roundtables

        • Working Groups

        • View all Upcoming Events, Programs, and Webcasts

    • Data
      • Data
      • All Data

      • Consumer Confidence Index®

      • Data Central

      • TCB Benchmarking

      • Recession & Growth Trackers

      • Global Economic Outlook

      • Leading Economic Indicators

      • Help Wanted OnLine

      • Labor Markets

      • Measure of CEO Confidence

      • CMO+CCO Meter Dashboard

    • Centers
      • Centers
      • Our Centers
        • Our Centers
        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

      • Center Membership
        • Center Membership
        • Benefits of Center Membership

        • Join a Center

    • Councils
      • Councils
      • Find a Council
        • Find a Council
        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

      • Council Membership
        • Council Membership
        • What is a Council?

        • Benefits of Council Membership

        • Apply to a Council

    • Membership
      • Membership
      • Why Become a Member?
        • Why Become a Member?
        • Benefits of Membership

        • Check if Your Organization is a Member

        • Speak to a Membership Associate

      • Types of Membership
        • Types of Membership
        • Council

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Insights

        • TCB Advisory

      • Already a Member?
        • Already a Member?
        • Sign In to myTCB®

        • Executive Communities

        • Member-Exclusive Programs

        • Refer a Leader - Earn a Reward

    • About Us
      • About Us
      • Who We Are
        • Who We Are
        • About Us

        • In the News

        • Press Releases

        • This Week @ TCB

        • Our History

        • Support Our Work

        • Locations

        • Contact Us

      • Our Community
        • Our Community
        • Our Leadership

        • Our Experts

        • Trustees

        • Voting Members

        • Global Counsellors

        • Careers

        • This Week @ TCB

    • Careers
    • Sign In to myTCB®
    • Download TCB Insights App
  • Insights
    Insights

    Our research and analysis have helped the world's leading companies navigate challenges and seize opportunities for over 100 years.

    Economic Indicators

    • Explore by Center
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Explore by Content Type
    • Reports
    • Upcoming Webcasts
    • On Demand Webcasts
    • Podcasts
    • Charts & Infographics
    • Trending Topics
    • Artificial Intelligence (AI)
    • Navigating Washington
    • Geopolitics
    • US Economic Forecast
    • Sustainability
    • Future of Work
    • Explore All Trending Topics
  • Events
    Events

    Our in-person and virtual events offer unmatched opportunities for professional development, featuring top experts and practitioners.

    View all Upcoming Events, Programs, and Webcasts

    Sponsor a Program

    • Upcoming Events
    • Reimagine: The Future of Business

      November 12 - 13, 2025

      2026: A Year in Preview

      January 28, 2026

    • Member-Exclusive Programs
    • Center Briefings
    • Expert Briefings
    • Experts Live
    • Roundtables
    • Working Groups
    • Explore by Type
    • Events
    • Webcasts
    • Podcasts
    • Member-Exclusive Programs
    • Center Briefings
    • Expert Briefings
    • Experts Live
    • Roundtables
    • Working Groups
  • Data
    Corporate Disclosure Data

    TCB Benchmarking

    Real-time data & analytical tools to benchmark your governance, compensation, environmental, human capital management (HCM) and social practices against US public companies.

    Economic Data

    All Data

    Consumer Confidence Index®

    Data Central

    One-stop, member-exclusive portal for the entire suite of indicators

    Labor Markets

    Measure of CEO Confidence

     

    Recession & Growth Trackers

    Current & future state of 16 economies

    Global Economic Outlook

    Growth outlooks for 77 economies

    Leading Economic Indicators

    State of the business cycle for 12 global economies across Asia and Europe

    Help Wanted OnLine

    Status of the US job market

    Other Featured Data

    CMO+CCO Meter Dashboard

  • Centers
    Centers

    Centers offer access to world-class experts, research, events, and senior executive communities.

    Our Centers
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    Center Membership
    • Benefits of Center Membership
    • Join a Center
  • Councils
    Councils

    Councils are invitation-only, peer-led communities of senior executives that come together to exchange knowledge, accelerate career development, and advance their function.

    Find a Council
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    Council Membership
    • What Is a Council?
    • Benefits of Council Membership
    • Apply to a Council
  • Membership
    Membership

    Membership in The Conference Board arms your team with an arsenal of knowledge, networks, and expertise that's unmatched in scope and depth.

    • Why Become a Member?
    • Benefits of Membership
    • Check if Your Organization is a Member
    • Speak to a Membership Associate
    • Types of Membership
    • Council
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Insights
    • TCB Advisory
    • Already a Member?
    • Sign in to myTCB®
    • Executive Communities
    • Member-Exclusive Programs
    • Refer a Leader - Earn a Reward
  • About Us
    About Us

    The Conference Board is the global, nonprofit think tank and business membership organization that delivers Trusted Insights for What's Ahead®. For over 100 years, our cutting-edge research, data, events and executive networks have helped the world's leading companies understand the present and shape the future.

    • Who We Are
    • About Us
    • In the News
    • Press Releases
    • Our History
    • Support Our Work
    • Locations
    • Contact Us
    • Our Community
    • Our Leadership
    • Our Experts
    • Trustees
    • Voting Members
    • Careers
    • This Week @ TCB
Check if You're a Member
Create Account
Forgot Your Password?

Members of The Conference Board get exclusive access to the full range of products and services that deliver Trusted Insights for What's Ahead ® including webcasts, publications, data and analysis, plus discounts to conferences and events.

Global Economic Outlook

Global Economy Briefs

Timely insights from the Economy, Strategy & Finance Center

  • Email
  • Linkedin
  • Facebook
  • X
  • Copy Link

By leaving the policy rate unchanged and Chair Powell explicitly mentioning the Fed is waiting to see the details of new policies, the FOMC signaled readiness to remain patient to assess the impact of changes in the policy landscape on the economic outlook. The latest Fed communication reaffirms our expectations that the central bank will stay on hold throughout H1 2025.

Fed On Pause until Policy Fog Clears

January 29, 2025

By leaving the policy rate unchanged and Chair Powell explicitly mentioning the Fed is waiting to see the details of new policies, the FOMC signaled readiness to remain patient to assess the impact of changes in the policy landscape on the economic outlook. The latest Fed communication reaffirms our expectations that the central bank will stay on hold throughout H1 2025.

Figure 1. Fed leaves rates unchanged in January 2025

 alt=

Sources: Federal Reserve Board and The Conference Board projections (light blue line) and approximations for Fed policy path (red line).

Trusted Insights for What’s Ahead®™

  • We expect the Fed to stay on hold throughout H1 2025 and resume cuts in the latter half of this year as growth slows closer to potential and inflation returns to its downward trajectory.
  • The Fed is unlikely to reach the long-run neutral rate target range of 3.00-3.25% until Q2 2026. We project the Fed will cut rates by 25bp at the July, September, and December meetings.
  • The magnitude of individual actions and the pacing of future rate cuts could be altered by the realization of either upside or down
Download Brief

Author

Yelena  Shulyatyeva

Yelena Shulyatyeva

Senior US Economist

Read BioYelena Shulyatyeva

This publication is only available to Members. Please sign in to your myTCB® account to access it. To learn more about becoming a Member, click here. To check if your company is a Member, click here.

Sign In

Forgot your password

Create An Account

 

Keep my computer signed in

Forgot your password

Create An Account

myTCB® Members get exclusive access to webcasts, publications, data and analysis, plus discounts to events.

Great News!

You already have an account with The Conference Board.

Please try to login in with your email or click here if you have forgotten your password.

Create An Account



 

By Clicking 'Create Account', You Agree To Our Terms Of Use

Create Account

More From This Series

Brief

Rising Inflation Still Leaves Room for Fed Rate Cuts

September 26, 2025

Brief

Rising Labor Market Risks Unite the Fed to Deliver 25bps Cut

September 17, 2025

Brief

Fed to Cut 25bps to Preserve Delicate Economic Balance

September 16, 2025

Brief

August Retail Sales Reflect Consumer Resilience—for Now

September 16, 2025

Brief

Tariffs a Factor, but Still Muted in CPI; Fed to Focus on Labor Market

September 11, 2025

Brief

Consumers Continue to Favor Necessities amid Rising Prices

August 29, 2025

View Less View More

Charts

Global Gray Swans Tool

The Gray Swans Tool helps C-suite executives better navigate today’s quickly developing economic, political, and technological environments.

LEARN MORE Yellow and white frame illustration

Charts

Preliminary November PMIs show no change in DM growth momentum

Preliminary PMI indices show no change in weak DM growth momentum in November

LEARN MORE Yellow and white frame illustration

Charts

How Might the World Fall Back into Recession?

How Might the World Fall Back into Recession?

LEARN MORE Yellow and white frame illustration

Charts

How are you managing rising input costs?

Passing increases downstream, cutting costs, and absorbing price increases into profit margins are the chief ways to manage rising input costs. Few see changing

LEARN MORE Yellow and white frame illustration

Charts

US continues to lead global productivity race

US continues to lead global productivity race

LEARN MORE Yellow and white frame illustration

Charts

What if Oil Hits US$200 per Barrel?

What if Oil Hits US$200 per Barrel?

LEARN MORE Yellow and white frame illustration

Charts

The Global Economic Fallout of the Ukraine Invasion

The Global Economic Fallout of the Ukraine Invasion

LEARN MORE Yellow and white frame illustration

Charts

Going local and other trends in global supply chains

The global supply chain disruption associated with the COVID-19 pandemic has resulted in production delays, shortages, and a spike in inflation in world.

LEARN MORE Yellow and white frame illustration

Charts

Global Economic Outlook 2022: Global GDP growth forecast

The Conference Board recently released its updated 2022 Global Economic Outlook.

LEARN MORE Yellow and white frame illustration

Charts

Global Economic Outlook 2022

Global economic outlook projections forecast

LEARN MORE Yellow and white frame illustration
  • Tags
  • Economic Data & Analysis
  • Global Economic Outlook

Explore More on this Topic

search Icon
Newest First
TYPE
Type
READ
WATCH
LISTEN
search Icon
search Icon
filterMobImage

Podcast

The State of the Economy for September 2025
C-Suite Perspectives
The State of the Economy for September 2025

September 30, 2025

Database

Recession & Growth Trackers
Recession & Growth Trackers

September 29, 2025

Report

Global LEI Report
Global LEI Report

September 29, 2025

Brief

Rising Inflation Still Leaves Room for Fed Rate Cuts
Rising Inflation Still Leaves Room for Fed Rate Cuts

September 26, 2025

Podcast

Is Stagflation a Looming Risk?
C-Suite Perspectives
Is Stagflation a Looming Risk?

September 25, 2025

Brief

Rising Labor Market Risks Unite the Fed to Deliver 25bps Cut
Rising Labor Market Risks Unite the Fed to Deliver 25bps Cut

September 17, 2025

Brief

Fed to Cut 25bps to Preserve Delicate Economic Balance
Fed to Cut 25bps to Preserve Delicate Economic Balance

September 16, 2025

Brief

August Retail Sales Reflect Consumer Resilience—for Now
August Retail Sales Reflect Consumer Resilience—for Now

September 16, 2025

Article

The Conference Board Economic Forecast for the US Economy
The Conference Board Economic Forecast for the US Economy

September 12, 2025

View Less View More

SORT BY

  • Newest First
  • Oldest First

Type

Experts / Authors

authorImage

Dana M. Peterson

Chief Economist and Leader, Economy, Strategy & Finance Center

Read Bio

authorImage

Erik Lundh

Senior Economist, Global

Read Bio

authorImage

Fiona Liu

Economist

Read Bio

View Less View More

Related Content

Connect and be informed about this topic through webcasts, virtual events and conferences

Image

Recession & Growth Trackers

Image

US Leading Indicators

Image

Help Wanted OnLine®

View less View More

Press Releases / In the News

PRESS RELEASE

US Consumer Confidence Declines Again in September

September 30, 2025

PRESS RELEASE

LEI for the Global Economy Continued to Decline in July and August

September 29, 2025

PRESS RELEASE

LEI for China Declined Again in August

September 25, 2025

PRESS RELEASE

LEI for India Ticked Up in August

September 23, 2025

PRESS RELEASE

LEI for the Euro Area Declined in August

September 19, 2025

PRESS RELEASE

The Conference Board Leading Economic Index® (LEI) for the US Declines in August

September 18, 2025

View Less View More
Data central

Subscribe to Access Data Central & Chart Reports

Your centralized, one-stop portal for accessing and exporting The Conference Board global suite of monthly and quarterly economic data. Get up to speed on critical trends—anytime, anywhere—with customizable real-time datasets.

Economic Indicator Calendar

All release times displayed are Eastern Time


Global Economic Outlook 2024 to 2036

Global growth is expected to slow over the next decade relative to the prior ten years.

LEARN MORE Yellow and white frame illustration

Upcoming Events

Connect and be informed about this topic through webcasts, virtual events and conferences

Webcast

US Tariffs: What’s Changed, What’s Next

October 15, 2025 11:00 AM ET (New York)

Expert Briefing

Inflation's Impact on the Global Economic Outlook

Expert Briefing

European Economic Outlook

Expert Briefing

The Energy Landscape and the Global Economy

Expert Briefing

The 10-year Global Economic Outlook

Webcast

US Tariffs: What’s Changed, What’s Next

October 15, 2025 11:00 AM ET (New York)

Expert Briefing

Inflation's Impact on the Global Economic Outlook

Expert Briefing

European Economic Outlook

Explore More on this Topic


Publications

Rising Inflation Still Leaves Room for Fed Rate Cuts

Rising Inflation Still Leaves Room for Fed Rate Cuts

September 26, 2025 | Brief

Economy Watch: European View (September 2025)

Economy Watch: European View (September 2025)

September 17, 2025 | Article

Rising Labor Market Risks Unite the Fed to Deliver 25bps Cut

Rising Labor Market Risks Unite the Fed to Deliver 25bps Cut

September 17, 2025 | Brief

Fed to Cut 25bps to Preserve Delicate Economic Balance

Fed to Cut 25bps to Preserve Delicate Economic Balance

September 16, 2025 | Brief

The Conference Board Economic Forecast for the US Economy

The Conference Board Economic Forecast for the US Economy

September 12, 2025 | Article

Economy Watch: US View (September 2025)

Economy Watch: US View (September 2025)

September 12, 2025 | Article

View Less View More

On Demand Webcasts, Podcasts and Videos

The Economic Outlook—Storms or Sunshine Ahead?

September 10, 2025

Economy Watch: US Public Policy and the Economy

April 09, 2025

US Economic Volatility in 2025

February 12, 2025

The Long-term Economic Outlook for the US, Europe, and China

December 11, 2024

The 2025 Global Economic Outlook

November 13, 2024

The Evolving Economic Outlook for Europe

July 10, 2024

View Less View More

This publication is available to non-Members, but you must be signed in. Please sign in or create an account.

Conference Board Sample Web Chat
chatbot-Icon
TCB Logo
chatbot-Icon
C-Suite Insights - Stay updated on the biggest issues facing business executives.
ABOUT US
  • Who We Are
  • Our History
  • Our Experts
  • Our Leadership
  • In the News
  • Press Releases
EXPLORE
  • Membership
  • Centers
  • Councils
  • TCB Benchmarking
  • Ask TCB
  • Events
  • Webcasts
  • Podcasts
  • This Week @ TCB
 
  • Events
  • Webcasts
  • Podcasts
  • This Week @ TCB
CONTACT US
  • North America
    +1 212 759 0900
    customer.service@tcb.org
  • Europe/Africa/Middle East
    +32 2 675 5405
    brussels@tcb.org
  • Asia
    Hong Kong | +852 2804 1000
    Singapore | +65 8298 3403
    service.ap@tcb.org
CAREERS
  • See Open Positions
Terms Of Use | Privacy Policy | Event Code of Conduct | Trademarks
© 2025 The Conference Board Inc. All rights reserved. The Conference Board and torch logo are registered trademarks of The Conference Board.
The use of all The Conference Board data and materials is subject to the Terms of Use. Reprint requests are reviewed individually and may be subject to additional fees.The Conference Board reserves the right to deny any request.
Terms of Use | Privacy Policy | Event Code of Conduct | Trademarks
© 2025 The Conference Board Inc. All rights reserved. The Conference Board and torch logo are registered trademarks of The Conference Board.
The use of all data from The Conference Board data and materials is subject to the Terms of Use. Reprint requests are reviewed individually and may be subject to additional fees.The Conference Board reserves the right to deny any request.

Thank you for signing up. You will now receive CEO Insights for What's Ahead every Wednesday morning. You can unsubscribe at any time or manage your preferences to receive more content from The Conference Board.

Important: Your Membership subscription payment is past due. We have not yet received your Membership payment. Please click the button below to pay your invoice.

Pay Invoice

Announcing The Conference Board AI Virtual Conference Series

Explore the Impact of AI on Your Business

Members receive complimentary registration - Learn more >>