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28 January 2026 / Brief
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Copy LinkThe Federal Reserve Board left interest rates unchanged at its January 28 meeting, as widely expected. There was also a more positive tone from Fed Chair Powell about the economy, labor markets, and inflation, as we anticipated. Indeed, the two dissenting governors – Waller and Miran – scaled back their call for interest rate cuts from 50bps at prior meetings to 25bps for today.
Today’s language suggests the Fed could possibly not make any decisions in March and might wait until June or even later for a next action. However, given the lack of hard data for Q4 2025 growth, largely anecdotal data for January, which are mixed, continued fiscal and trade policy uncertainty, and the very real risks that inflation and labor markets venture into unwanted directions, we make no changes to our policy forecast at this time.
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