Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Wednesday, January 28th, and I'm your host, Kim Kahn.

This is a special Fed edition of Wall Street Lunch. The Federal Reserve kept interest rates on hold, as expected, while Chairman Jerome Powell

stonewalled any controversial questions about central bank independence. Those hoping for fireworks

after Powell's video statement on the Justice Department investigation into the Fed were disappointed.

He opened the Q&A with three straight I Have Nothing for You answers. He had nothing for the press

on the investigation itself,

pointing back to his January 11th video statement. He echoed that stance when asked about staying on as Fed governor after his term his chair is up, I have nothing for you, and brushed

off questions on the recent sharp decline in the dollar, saying it's not our role.

Pressed for broader comments, Powell said that every advanced economy and democracy

believes in central bank independence,

adding that the Fed hasn't lost it and that he and his colleagues are fully committed to it.

Economist Justin Wolfer said Powell was exactly who he meant to be, direct, clear, apolitical, and focused on the economy.

His bet, the best reply to critics is to keep doing the job Congress gave him.

On the numbers, the Fed kept the target range for the federal funds rate at 3.5% to 3.75%.

The statement showed a little more confidence in the labor market, dropping the line that

downside risks to employment rose in recent months.

The vote was 10 to 2 with Stephen Myron, the member most aligned with the White House push

for lower rates,

and Christopher Waller, who's in the running to be the next chair, both dissenting. They called for a quarter point cut, a more hawkish stance from Myron. Powell said there was broad support for holding among FOMC members, including non-voters. He repeated that moves will be decided meeting by meeting, but noted that Nody's base case is a hike at the

next meeting. Markets still don't see a cut coming until the June meeting, when they'll be a new

chairman, and the odds of a quarter point move then ticked down slightly. Further out, Fed funds

...