Jerome Powell, a particularly mild-mannered speaker, slammed recent attempts to intimidate his department.
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It's the first Fed day of 2026, and Chair Jerome Powell is in the hot seat.
Central bank leaders will announce their January interest rate decision at 2 p.m. ET. The meeting follows weeks of political pressure from the Trump administration and a recently announced Department of Justice probe.
Business Insider will be covering projections from economists, the Fed decision, and market moves all day. Check back here for updates.
Today is the Fed's first decision of 2026
The Federal Open Market Committee has penciled in one rate cut for the new year. Fed leaders opted for three quarter-point cuts last fall after months of steady monetary policy.
The White House and investors are hopeful for a looser approach to interest rates in 2026. But Powell is in a tough spot: Lower rates could speed up a slow job market, but risk a rise in inflation.
CME FedWatch is predicting a near-total chance of a rate hold on Wednesday.
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