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Fed Maintains Rates Amid Trump Pressure and Investigation

1/29/2026

24 3 Full Breakdown

Summary

Story summary

The Federal Reserve kept the federal funds rate at 3.5% to 3.75% despite political pressure from U.S. President Donald Trump to cut rates.
Federal Reserve Chair Jerome Powell faces a criminal investigation into his congressional testimony on Fed renovations and asserts independence.
The decision follows three rate cuts in 2025 as the labor market shows stability with low job gains, and Powell's term ends in May amid tensions with Trump.

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Story summary

The Federal Reserve kept the federal funds rate at 3.5% to 3.75% despite political pressure from U.S. President Donald Trump to cut rates.
Federal Reserve Chair Jerome Powell faces a criminal investigation into his congressional testimony on Fed renovations and asserts independence.
The decision follows three rate cuts in 2025 as the labor market shows stability with low job gains, and Powell's term ends in May amid tensions with Trump.