Jerome Powell, chair of the US Federal Reserve, at a press conference in Washington, January 28, 2026. The US Federal Reserve chose to hold its key interest rates steady on Wednesday, January 28, keeping them between 3.5% and 3.75% after three consecutive cuts at the end of 2025. This decision is unlikely to please Donald Trump, who has called for further rate cuts to make borrowing cheaper. Speaking to reporters, Jerome Powell, the current Fed chair, summed up the majority view: "What we're saying is we're well positioned as we make decisions, meeting by meeting." It was a way of keeping future decisions ambiguous ahead of the final two meetings of his term as head of the Fed, scheduled for March and April.