SUMMARY OF FED DECISION (6/18/2025): 1. Fed leaves rates unchanged for 4th straight meeting 2. Fed says uncertainty has diminished, but is still elevated 3. Fed lowers 2025 GDP estimate to 1.4%, lifts inflation estimate to 3% 4. Median Fed forecast shows 50 basis points of rate cuts in 2025 5. Median Fed forecast shows rates at 3.6% in 2026, 3.4% in 2027 6. Interest rate futures increase likelihood of rate cuts beginning in September The Fed pause continues even as Trump calls for 100 bps rate cuts.