Reduced immigration is now considered in policy considerations, and the U.S. Federal Reserve is also starting to account for population figures.

Federal Reserve Board Governor Stephen Milan has submitted his resignation and will step down before the new Chair Kevin Wosh takes office; he has long dissented within the FOMC, calling for rate cuts and emphasizing the lag effect of monetary policy. He opposes three 25-basis-point rate cuts in 2025, instead favoring larger cuts and a more forward-looking monetary policy, and believes that non-monetary factors should be considered, including how slowing population growth and reduced immigration could affect employment and deflation.