#美联储维持利率不变 The Federal Reserve announced on January 28, 2026, that it would maintain the federal funds rate target range at 3.50%-3.75%, in line with market expectations. This is the first pause following three consecutive rate cuts in 2025, primarily due to persistent inflation (December CPI year-on-year 2.7%) and a labor market that is stronger than expected (unemployment rate 4.4%). Although December's non-farm payrolls added only 50,000 jobs, the economy continues to show steady expansion, with GDP growth revised up to 4.4%. During the vote, board members Milan and Waller opposed, advocating for a 25 basis point cut. The statement removed the phrase "downside risks to employment," indicating a more optimistic view of the economic outlook. The market expects the possibility of two rate cuts in 2026, with the first potentially occurring after the new chairman takes office in June.