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WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell pauses while speaking during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell pauses while speaking during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell pauses while speaking during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell pauses while speaking during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell pauses while speaking during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
FILE - President Donald Trump announces Federal Reserve board member Jerome Powell as his nominee for the next chair of the Federal Reserve in the Rose Garden of the White House in Washington, Nov. 2, 2017. (AP Photo/Alex Brandon, File)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell pauses while speaking during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell arrives to speak during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell arrives to speak during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell arrives to speak during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell arrives to speak during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell arrives to speak during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell takes questions during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
FILE - Federal Reserve Chair Jerome Powell speaks at the Federal Reserve, Wednesday, Dec. 10, 2025, in Washington. (AP Photo/Jacquelyn Martin, file)

Fed keeps interest rates unchanged as Trump promises big cuts with new chair pick

WASHINGTON, DC - JANUARY 28: Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on January 28, 2026 in Washington, DC. Powell announced that interest rates will remain steady at 3.5 - 3.75 percent. (Photo by Kevin Dietsch/Getty Images)
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