Fed holds rates at 3.50%–3.75%; 2 dissents

The Federal Open Market Committee kept the target range for the federal funds rate at 3.50%–3.75% at its January 2026 meeting. Stephen I. Miran (preferred: cut 25bp), Christopher J. Waller (preferred: cut 25bp) dissented.

• Target range 3.50%–3.75% (unchanged)
• Dissents: Stephen I. Miran — cut 25bp; Christopher J. Waller — cut 25bp
• No Summary of Economic Projections at this meeting
• Statement released 2:00 pm ET