2026-01-28: Federal Reserve Issues Federal Open Market Committee (FOMC) Statement
Federal Reserve Board - Federal Reserve issues FOMC statement
January 28, 2026
For release at 2:00 p.m. EST
Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization. Inflation remains somewhat elevated.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate.
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Beth M. Hammack; Philip N. Jefferson; Neel Kashkari; Lorie K. Logan; and Anna Paulson. Voting against this action were Stephen I. Miran and Christopher J. Waller, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting.
For media inquiries, please email media@frb.gov or call 202-452-2955.
Implementation Note issued January 28, 2026
Implementation Note issued January 28, 2026
January 28, 2026
Implementation Note issued January 28, 2026 Decisions Regarding Monetary Policy Implementation
The Federal Reserve System has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its statement on January 28, 2026:
- The Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on reserve balances at 3.65 percent, effective January 29, 2026.
- As part of its policy decision, the Federal Open Market Committee voted to direct the Open Market Desk at the Federal Reserve System Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive: “Effective January 29, 2026, the Federal Open Market Committee directs the Desk to: - Undertake open market operations as necessary to maintain the federal funds rate in a target range of 3-1/2 to 3-3/4 percent. - Conduct standing overnight repurchase agreement operations at a rate of 3.75 percent. - Conduct standing overnight reverse repurchase agreement operations at an offering rate of 3.5 percent and with a per-counterparty limit of $160 billion per day. - Increase the System Open Market Account holdings of securities through purchases of Treasury bills and, if needed, other Treasury securities with remaining maturities of 3 years or less to maintain an ample level of reserves. - Roll over at auction all principal payments from the Federal Reserve System’s holdings of Treasury securities. Reinvest all principal payments from the Federal Reserve System’s holdings of agency securities into Treasury bills.” - In a related action, the Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 3.75 percent.
- This information will be updated as appropriate to reflect decisions of the Federal Open Market Committee or the Board of Governors regarding details of the Federal Reserve System’s operational tools and approach used to implement monetary policy.
More information regarding open market operations and reinvestments may be found on the Federal Reserve System Bank of New York’s website.
- political parties
- Democrat Party
- Trumpian Party
- federal government
-
Constitution of the United States
- U.S. Constitution - Article I / Library of Congress
- U.S. Constitution - Article II / Library of Congress
- U.S. Constitution - Article III / Library of Congress
- U.S. Constitution - Article IV / Library of Congress
- U.S. Constitution - Article V / Library of Congress
- U.S. Constitution - Article VI / Library of Congress
- U.S. Constitution - Article VII / Library of Congress
- Supreme Court of the United States (SCOTUS)
- US Courts
-
Federal Reserve Board - Federal Reserve Act
- Federal Reserve Board - Board Members
- Michael S. Barr
- Michelle W. Bowman
- Lisa D. Cook
- Philip N. Jefferson
- Stephen I. Miran
- Jerome H. Powell
- Christopher J. Waller
- Susan M. Collins
- Austan D. Goolsbee
- Jeffrey R. Schmid
- John C. Williams
- Alberto G. Musalem
- Home - Federal Reserve Bank of Atlanta
- Home - Federal Reserve Bank of Boston
- Federal Reserve Bank of Chicago
- Federal Reserve Bank of Cleveland
- Federal Reserve Bank of Dallas - Dallasfed.org
- Federal Reserve Bank of San Francisco
- Federal Reserve Bank of Kansas City
- Federal Reserve Bank of Minneapolis
- Federal Reserve Bank of New York - Serving the Second District and the Nation
- Federal Reserve Bank of Philadelphia
- Federal Reserve Bank of Richmond / Richmond Fed
- Federal Reserve Bank of St. Louis / Economic Resources & Data
- U.S. Department of the Treasury
- Supreme Court of the United States (SCOTUS)
- Department of Justice (DOJ)
- Congress
- President of the United States (POTUS)
- White House (WH)
- inflation
- slow job growth
- stagflation
- Trump autocracy
-
Donald J Trump
- President Donald Trump (45)
-
President Donald Trump (47)
- President Trump (47) Administration
-
President Trump (47) Cabinet
- press secretary
- Karoline Leavitt
- press secretary
-
Donald J Trump
- grifter
- self-dealing
- corruption
- con artist
- crime
- cryptocurrency
- criminal associates
- criminal businesses
- criminal media
- criminal organizations
- criminal partners