The Federal Reserve meeting in January 2026 kept the federal funds rate unchanged at 3.5%-3.75%, ending the previous three consecutive rate cuts. The vote was 10 in favor and 2 against, with the dissenters advocating for a 25 basis point rate cut. Powell clarified that the interest rate remains in a neutral to slightly tight range, downplaying expectations of a rate cut in March, emphasizing that policy will depend on inflation and employment data, and that rate hikes are not a basic assumption. He also warned of the risk that tariffs could push up inflation. The meeting forecasted that the US economy would grow by 2% in 2026, with supply and demand in the labor market becoming more balanced. Market reactions included gold reaching a new all-time high, silver surging significantly, and the full-year rate cut expectations being lowered.