PiCK

Fed January FOMC minutes: "Most officials support holding rates steady"

JH Kim

Summary

The Federal Reserve said that at the January 2026 FOMC meeting, most officials supported holding the benchmark interest rate steady.
Two officials argued for a rate cut, and said U.S. economic activity is expanding solidly with growth expected to be maintained.
Many officials said further rate cuts could be possible if inflation declines in line with expectations, while some warned it could take longer for inflation to reach the 2% target.

Minutes from the Federal Open Market Committee (FOMC) meeting in January 2026 released on the 18th (local time) by the Federal Reserve (Fed) showed that most officials supported keeping the benchmark interest rate unchanged.

According to the minutes, nearly all officials backed holding rates steady at the January meeting, while two officials were reported to have argued for a rate cut. Officials said U.S. economic activity is expanding solidly and expected the growth momentum to be maintained this year as well.

Many officials noted that additional rate cuts could be possible if inflation falls to levels in line with expectations. However, some warned that the process of bringing inflation to the Fed’s 2% target could proceed more slowly than anticipated.