The Fed is keeping rates unchanged at the 3.50% to 3.75% range – Slightly hawkish tone and the US Dollar is strengthening.
Changes to the previous statement include a more robust outlook on employment and the economy – This could take out future cuts but for now participants are awaiting for Powell.
The votes for the pause are at 10-2 – Fed’s Waller and Miran dissented.
The pause was 98% priced so not surprising to observe the quiet atmosphere in Markets.
You can get access to the detailed report and Fed Statement right here.
Nothing surprising is appearing in the Statement – Except for a continued rebound in the US Dollar, volatility is low for now.
Traders will be awaiting closely for Powell’s Press Conference – Log in to his Live speech (at 14:30 E.T.) right here.
Notable quotes from the Statement – Source: Federal Reserve
Pre-Conference Market Pricing
Market Pricing for the March meeting (14:20) – Source: FedWatch Tool
Pre-Conference Asset Board – Courtesy of Finviz
Market Reactions
Dollar rallies
US Dollar (DXY) 1H Chart – Source: TradingView – January 28, 2026
