Central bank policymakers hold steady on interest rates in January

Summary

CNBC's Steve Liesman reports that the Federal Reserve held rates steady at 3.50%-3.75% after three consecutive cuts. The statement upgraded the economic assessment to solid growth, said unemployment is stabilizing, removed downside employment-risk language, and kept inflation described as somewhat elevated. Two Fed governors dissented in favor of a quarter-point cut. Liesman says the statement suggests risks on both sides of the Fed's mandate have cooled.

• Fed pauses rate cuts, holding target range at 3.50%-3.75%.
• Two governors dissent, favoring a quarter-point cut.
• Statement upgrades economic assessment to solid pace.
• Labor language shifts: job gains low but unemployment stabilizing; downside employment-risk language removed.
• Inflation remains somewhat elevated, but the prior 'moved up' language is removed.
• Liesman says the statement shows cooled heat on both sides of the Fed's mandate.
• Dissents were for 25 basis points, less than prior 50-basis-point dissents.