The Federal Reserve has kept interest rates on hold for the first time since July, as chair Jerome Powell said the US central bank was in no rush to cut them despite Donald Trump’s relentless campaign to drastically lower borrowing costs. The Fed on Wednesday left its main interest rate at a range of 3.5 to 3.75 per cent, following three straight quarter-point reductions. However, governor Christopher Waller, one of four candidates left in the race to replace Powell as chair when his term ends in May, dissented, calling for a quarter-point cut. Stephen Miran, a staunch Trump ally who was appointed a governor last year, also called for a quarter-point cut. He declined to comment on the investigation but defended the importance of central bank independence.

Source: The Irish Times January 29, 2026 16:06 UTC