FOMC statement of January 28, 2026
This statement of the Federal Open Market Committee, compared sentence by sentence with the scheduled statement before it: what changed in the text, and how the Committee voted.
In short
The Federal Open Market Committee released this statement on January 28, 2026. Compared with the previous scheduled statement of December 10, 2025: 5 sentences changed, 0 were added, 3 were removed, and 7 stayed the same. In words: 15 added, 114 removed. The vote on this statement: 2 members voted against: Stephen I. Miran, Christopher J. Waller. On the December 10, 2025 statement: 3 members voted against: Stephen I. Miran, Austan D. Goolsbee, Jeffrey R. Schmid.
FOMC statement · January 28, 2026
Changed sentences against the previous scheduled statement (December 10, 2025)
7 unchanged · 5 changed · 0 added · 3 removed · words +15 / −114
- December 10, 2025
- 3 members voted against: Stephen I. Miran, Austan D. Goolsbee, Jeffrey R. Schmid.
- January 28, 2026
- 2 members voted against: Stephen I. Miran, Christopher J. Waller.
Available indicators suggest that economic activity has been expanding at a moderate solid pace.
Job gains have slowed this year remained low, and the unemployment rate has edged up through September shown some signs of stabilization.
More recent indicators are consistent with these developments.
Inflation has moved up since earlier in the year and remains somewhat elevated.
The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment rose in recent months.
In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower maintain the target range for the federal funds rate by 1/4 percentage point to at 3-1/2 to 3-3/4 percent.
The Committee judges that reserve balances have declined to ample levels and will initiate purchases of shorter-term Treasury securities as needed to maintain an ample supply of reserves on an ongoing basis.
Voting against this action were Stephen I. Miran and Christopher J. Waller, who preferred to lower the target range for the federal funds rate by 1/2 1/4 percentage point at this meeting; and Austan D.Goolsbee and Jeffrey R. Schmid, who preferred no change to the target range for the federal funds rate at this meeting.
Show the 7 unchanged sentences
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run.
Uncertainty about the economic outlook remains elevated.
In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.
The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook.
The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals.
The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Source: Board of Governors of the Federal Reserve System — the statement on federalreserve.gov · December 10, 2025
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The page sets this statement of the Federal Open Market Committee next to the scheduled statement before it, sentence by sentence. The Fed’s sentences are shown as published, in English.
In a changed sentence, the words that were dropped are struck through and the new words are underlined. A sentence found only in the newer statement is marked as added; one found only in the older statement, as removed. Sentences that did not change are collapsed.
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