The first Federal Reserve Open Market Committee (FOMC) meeting of 2026 saw the central bank leave interest rates unchanged. The target range for the Fed funds rate was maintained at 3.50–3.75%. The decision to leave rates unaltered was very much in line with market expectations. There were two dovish dissenters at the January FOMC (Miran and Waller), who voted for a 25bps rate cut. The most recent rate change from the Fed occurred at its previous meeting in December, when it cut by 25bps. This represented the third 25bps rate cut of the year. So far, in its current easing cycle, which began in September 2024, the Fed has cut rates by a total of 175%.