Instant Reaction: Jay Powell on the Fed Decision
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 28 January 2026
⏱️ 28 minutes
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Summary
Bloomberg's Tom Keene and Jonathan Ferro discuss remarks from Fed Chair Jay Powell following the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance.
Federal Reserve officials left interest rates unchanged and pointed to improvements in the US economy as they signaled a more cautious approach to potential future adjustments.
The Federal Open Market Committee voted 10-2 Wednesday to hold the benchmark federal funds rate in a range of 3.5%-3.75%. Governors Christopher Waller and Stephen Miran dissented in favor of a quarter-point reduction.
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| 0:34.0 | The beginning of a walk into the sunset for the chairman of the Federal Reserve, Jay Powell only has two more of these meetings on the calendar as the chairman of the world's most important central bank. For the equity market on the S&P 500, still close to all-time highs on the S&P, on the NASDAQ 100 up by 0.5 in the bond market, on twos, tens, and 30s. We look like this. Yields just about unchanged. Your 10-year |
| 0:55.4 | 425, your 2-year 358. Journalists did their best to make this one interesting. Chairman Power |
| 1:00.7 | was determined to make it boring. Take a listen to what the chairman had to say. |
| 1:05.5 | Some people didn't want to cut and dissented, but committee pretty broadly for holding today. |
| 1:13.6 | We still have some tension between employment and inflation, but it's less than it was. |
| 1:18.6 | I think that the upside risks to inflation and the downside risks are probably both diminished a bit. |
| 1:24.6 | So we'll be looking at that. There are different views on the |
| 1:28.1 | committee and, you know, we'll find our way forward as the data evolve. TK., just my takeaway, just my observation. Towards the end, it felt like a man who was looking forward to retiring and stepping down. You know, there was a gold question. It's great. He doesn't have Krugerans in the drawer. He's got the Jerry Garcia commemorative gold coins in the drawer. |
| 1:45.6 | So way looser. |
| 1:46.7 | There's no question. |
| 1:47.4 | No question. it's great. He doesn't have Krugerans in the drawer. He's got the Jerry Garcia commemorative gold coins in the drawer. So way looser. There's no question about that, |
| 1:49.5 | but it was really interesting to see the nuances of the market, away from the things we usually |
| 1:53.6 | quote folks to look at what seriously what Sterling was doing, the way Euro was vibrating |
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