On January 28, 2026, local time, the Federal Reserve's first FOMC meeting of 2026 paused interest rate cuts, maintaining the federal funds target range at 3.5%-3.75%. This is the first pause after three consecutive rate cuts from September to December 2025. The decision was approved by 10 votes in favor and 2 votes against. The dissenters (Waller, Mester) advocated for a 25BP rate cut.



Key Points

- Policy Tone: Tactical pause, not a shift in stance; the statement upgraded the economic description from "moderate" to "robust" and removed the language about rising employment risks.

- Main Reasons: Inflation remains high, employment is low but stable, economic resilience is strong, and the effects of previous rate cuts need to be assessed.

- Market Impact: US dollar strengthening, US Treasury yields rising; gold and silver prices surged, with spot gold temporarily surpassing $5596 per ounce.

- Future Expectations: Likely to continue pausing from March to April; possibly restart after May, with 2-3 rate cuts and a total of 50-75BP cuts for the year. #金价突破5500美元
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