# Christopher Waller

Fed Holds Rates Steady after Prior Easing, Spotlighting Policy Uncertainty

The Federal Reserve kept its policy rate at 3.50%–3.75% and signaled a cautious, data‑dependent approach after three rate cuts in late 2025. A 10–2 vote to hold, with two officials favoring an immediate 25‑basis‑point cut, exposed internal disagreement over how quickly to ease further amid still‑elevated inflation.