Fed Keeps Rates Flat Amid Powell Probe and Trump Pressure
Fed holds rates steady on Jan 28 as investigations and political pressure loom.
On Wednesday, January 28 2026, the Federal Reserve decided to leave its benchmark federal‑funds rate unchanged between 3.5 % and 3.75 %, ending three consecutive quarter‑point cuts that had lowered the policy rate to its lowest level since 2023. The decision came amid a high‑profile criminal probe of Fed Chair Jerome Powell, who test‑drove a 2017 appointment from President Donald Trump and who testified about cost overruns in a multi‑billion‑dollar office renovation. Powell said the stance “is appropriate to progress toward our maximum‑employment and 2 % inflation goals” while citing a 4.4 % unemployment rate in December versus 4.6 % in November. Futures markets now anticipate two cuts—one in June and another in the fall—while Trump calls for much lower rates.
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