Federal Open Market Committee (FOMC)

Stories

The Fed's great division

Held rates steady 10-2 in January 2026 with unprecedented dual-governor dissent; more hawkish voting roster in 2026

The Federal Reserve held rates steady at 3.5-3.75% on January 28, 2026, in a 10-2 vote. Governors Stephen Miran and Christopher Waller both dissented for a 25-basis-point cut — the first time two sitting governors have dissented together in decades.

Updated May 18

Fed’s 2025 rate-cut run: three eases, one new playbook, and a president pushing hard

Rule Changes

Deeply split on how fast to cut, but currently delivering quarter‑point moves.

In a single year the Fed has gone from peak post‑Covid rates to a clear easing cycle. December's third 2025 rate cut pushes the federal funds range down to 3.5–3.75% and flips the switch on a new operating regime built around full‑allotment repos and steady Treasury bill buying.

Updated May 10