Banks › Federal Reserve › History › 28 Jan 2026
Federal Reserve: decision of 28 January 2026
The Federal Open Market Committee kept the target range for the federal funds rate at 3-1/2 to 3-3/4 percent.
Decision
hold
- Rate
- 3.75%=3.75%
- Change
- 0 bp
- Vote
- 10–2
- Announced
- 14:00 New York time
Sources
- Statement
- federalreserve.gov/newsevents/pressreleases/mone…
- Minutes
- federalreserve.gov/monetarypolicy/fomcminutes202…
- Press conference
- federalreserve.gov/monetarypolicy/fomcpressconf2…
- Recorded
- 28 Jan 2026
- Data
- JSON
What the bank said
The Committee said economic activity had been expanding at a solid pace, while job gains had remained low and the unemployment rate had shown some signs of stabilization.
It said inflation remained somewhat elevated and that uncertainty about the economic outlook remained elevated.
Guidance. The Committee said that, in considering the extent and timing of further adjustments to the target range, it would carefully assess incoming data, the evolving outlook and the balance of risks.
“Job gains have remained low, and the unemployment rate has shown some signs of stabilization.”
Dissent
Stephen I. Miran and Christopher J. Waller voted against, preferring to lower the target range by 1/4 percentage point.
Before and after
- Previous decision: 10 Dec 2025, cut the federal funds rate by 25 bp to 3.75%.
- Next decision: 18 Mar 2026, held the federal funds rate at 3.75%.
- All Federal Reserve decisions and the rate history