Federal Reserve Chair Jerome Powell speaks as Fed holds key interest rate steady — 1/28/2026

Watch on YouTube ↗  |  January 28, 2026 at 20:21  |  47:26  |  CNBC
Speakers
Jerome Powell — Federal Reserve Chair

Summary

Federal Reserve Chair Jerome Powell held a press conference after the FOMC kept the federal funds rate at 3.5%-3.75%, pausing after three consecutive cuts. Powell described the economy as on firm footing, with resilient consumer spending, weak housing, a stabilizing but low-hiring labor market, and inflation still somewhat elevated due to tariffs. He said policy is well positioned and data-dependent, with future cuts possible if inflation cools or labor weakens, though a hike is not the base case. He also discussed Fed independence, the unsustainable US fiscal path, AI data-center investment, and declined to comment on the dollar.

  • FOMC left rates unchanged at 3.5%-3.75% after 75bp of cuts.
  • Powell sees policy within range of neutral and data-dependent.
  • Inflation remains elevated, largely from tariff-driven goods prices; services disinflation continues.
  • Labor market shows signs of stabilization but job gains are low.
  • Economy is on solid footing, supported by consumer spending and AI data-center buildout.
  • Powell flagged an unsustainable US fiscal path but not a near-term market event.
  • He declined to comment on the dollar and downplayed gold/silver as macro signals.
  • Fed independence and the upcoming leadership transition were discussed.
Ideas
Jerome Powell Federal Reserve Chair 0:42
Fed on hold, data-dependent, not preset.
The FOMC left the federal funds rate unchanged at 3.5%-3.75% after 75bp of cuts, and Powell views the current stance as appropriate and within the range of plausible neutral estimates. He stressed policy is not on a preset course and will be decided meeting-by-meeting based on incoming data, with a weakening labor market or cooling tariff-driven inflation potentially allowing cuts, while a hike is not anyone's base case.
Federal Funds Rate HIGH
Jerome Powell Federal Reserve Chair 22:20
Fiscal path may keep long yields biased.
Powell says the US federal budget deficit is on an unsustainable path, though not a near-term market event, and that long-term rates such as the 10-year Treasury are driven more by fiscal path, fiscal policy and risk assessments than by the Fed's overnight rate. Higher long-term rates tighten financial conditions, making long-duration Treasuries worth monitoring.
TLT MED
Jerome Powell Federal Reserve Chair 29:14
AI data center build-out supports growth.
Powell cites the AI build-out of data centers as a source of strength and a reason the economy is benefiting and growth is on a solid footing, alongside resilient consumer spending and supportive financial conditions. This supports the AI data center infrastructure theme as a positive growth tailwind.
AI Data Centers MED
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This CNBC video, published January 28, 2026, features Jerome Powell discussing Federal Funds Rate, TLT, AI Data Centers. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jerome Powell  · Tickers: Federal Funds Rate, TLT, AI Data Centers