Federal Open Market Committee

Rule Changes

Held rates steady 10-2 in January 2026 with unprecedented dual-governor dissent; more hawkish voting roster in 2026

The Federal Reserve held rates steady at 3.5-3.75% on January 28, 2026, in a 10-2 vote that exposed a stunning reversal in internal divisions. Fed Governors Stephen Miran and Christopher Waller dissented in favor of a 25-basis-point cut—the first time two sitting governors have dissented together in decades. Just six weeks earlier in December, the vote split 9-3 the opposite direction: Miran wanted a 50 basis-point cut while Goolsbee and Schmid opposed any cut at all. The December minutes revealed even supporters called that decision "finely balanced." Now the battle lines have shifted entirely, with some hawks turning dovish while the 2026 FOMC voting rotation brought three new hawks—Cleveland's Beth Hammack, Dallas's Lorie Logan, and Minneapolis's Neel Kashkari—replacing Chicago's Goolsbee and Kansas City's Schmid. Miran's four-month term expired January 31, though he stated he will remain until Trump names a permanent replacement.

Updated Feb 1