Review: FOMC Keeps Rates Unchanged, And Future Moves Will Strictly Depend on Data

In this paper, we discuss:

• The Fed’s decision to keep rates unchanged, signalling that policy is now close to neutral;
• A divided FOMC, with Miran and Waller dissenting in favour of a 25bp cut;
• Powell’s strong defence of central bank independence and insistence on a strictly data-dependent path;
• Market implications, with yields edging higher and a volatile dollar

Download PDF: Federal Reserve – January 2026