Federal Reserve January Minutes Show Strong Support for Holding Rates at 3.50%–3.75%

On February 18, 2026, minutes from the Federal Reserve's January FOMC meeting showed broad support for keeping the federal funds rate in the 3.50%–3.75% range, with only a few officials favoring a cut. Policymakers cited persistent inflation, steady economic growth and stabilizing job gains for the pause, while markets now expect a 25 basis point reduction in June.