Jan. FOMC minutes show most members backed rate hold, but were divided on cuts

According to the minutes from the U.S. Federal Open Market Committee's (FOMC) January 2026 meeting, nearly all members supported the decision to hold interest rates steady. Two members, however, argued for a rate cut. The minutes noted that economic activity has been expanding at a solid pace and is expected to maintain this growth rate throughout the year. A number of members indicated that further rate cuts would be appropriate if inflation falls to a level consistent with expectations. However, some members expressed support for a two-sided approach, which would include considering rate hikes if inflation persists.