The Federal Open Market Committee (FOMC) held rates steady, noting the goal is for inflation to return to 2%.  

Following the meeting, America’s Credit Unions Head of Emerging Issues/Deputy Chief Economist Curt Long outlined the potential impact for credit unions:

“The Federal Reserve decided to hold rates steady at its January meeting as inflation remains stuck above the Fed’s target. During Chair Powell’s press conference, he sounded optimistic that inflation is poised to decline, which could present opportunities later in the year to reduce rates. Regardless of the rate environment, credit unions will continue to pass along enormous benefits to their members, boosting the overall economy in the process.”

The FOMC next meets March 18-19.