If you were refreshing your news feed today hoping for a big announcement from the Federal Reserve, you might be feeling a bit confused. There is a lot of chatter about rates right now. But here is the short version: the Fed did not cut interest rates today, January 14, 2026.
The Federal Open Market Committee (FOMC) actually has its next big policy meeting scheduled for January 27–28. Today was more about the "vibe" of the economy than a formal policy shift. While we didn't get a rate cut this afternoon, we did get the Beige Book. That is essentially the Fed’s big "temperature check" on the country, and it tells a fascinating—and slightly messy—story about where your money is going.
The current state of the Fed interest rate
Right now, the federal funds rate is sitting at 3.50% to 3.75%.
This hasn't changed since the last meeting in December 2025, where they shaved off 25 basis points (0.25%). If you're looking for why people are asking "how much did the Fed cut interest rates today," it’s likely because the market is getting incredibly twitchy. Everyone is trying to guess if the January 28 meeting will bring another drop or if the Fed is going to hit the pause button.
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Honestly, the room is split.
What today's Beige Book actually says
Even without a formal rate cut, today’s data release from the 12 Fed districts gave us a pretty clear look at the "K-shaped" reality we're living in. While the Fed kept the benchmark steady today, the economic activity they reported was... well, "slight to modest."
- The Rich vs. The Rest: Higher-income people are still spending on luxury travel and "experiences."
- The Squeeze: Lower and middle-income families are becoming extremely price-sensitive.
- The Tariff Factor: This is the big one. Almost every Fed district reported that businesses are worried about tariffs. Some are already passing those costs on to you at the cash register.
- The Job Market: It’s flat. Most companies are just backfilling positions rather than creating new ones.
Why didn't they cut rates today?
The Fed usually only moves rates during their eight scheduled meetings a year unless there is a massive global emergency. Since we aren't in a 2020-style freefall, they are sticking to the calendar.
Jerome Powell, whose term as Chair ends this coming May, has been pretty vocal about being "data-dependent." Basically, that's central-banker-speak for "we don't want to mess this up by moving too fast." Inflation is hovering around 2.4% to 2.5%, which is close to their 2% target, but those tariff-related price hikes have the Fed's "hawks" (the people who want higher rates) worried that inflation could bounce back.
The Great Divide in the FOMC
It’s not a unanimous group. In the last vote, we had a major split:
- Governor Stephen Miran actually wanted a 50 basis point cut (he’s the "dove").
- Regional Presidents like Jeffrey Schmid and Austan Goolsbee didn't want any cut at all.
- The Middle Ground (where Powell sits) opted for the 25 basis point compromise.
When you see people debating how much did the Fed cut interest rates today, they're usually reacting to these internal disagreements. The "no-cut" camp is gaining a lot of ground because the labor market, while cooling, hasn't totally collapsed.
What this means for your wallet right now
Even though the Fed stayed silent today, the "wait and see" approach has a direct impact on what you pay for things.
Mortgages are a weird bright spot. Even without a Fed move today, the average 30-year fixed mortgage is hovering right around 5.99%. That’s a massive relief compared to the 7% or 8% rates we saw in the recent past. However, mortgage rates track the 10-year Treasury yield more than the Fed's daily decisions, and those yields have been creepily climbing because investors are worried about future government spending and debt.
Credit cards and auto loans are still the heavy hitters. Since the Fed didn't move today, your APR on that revolving debt is going to stay exactly where it is for at least another two weeks. If you're carrying a balance, today wasn't the "bailout" day many were hoping for.
Looking ahead to January 28
So, if you're asking "how much did the Fed cut interest rates today," the answer is zero—but the answer on January 28 could be 25 basis points.
Or it could be nothing.
Traders in the SOFR (Secured Overnight Financing Rate) options market are increasingly betting that the Fed will pause in January. They see the steady labor market and the risk of "tariff-flation" as reasons to keep rates right where they are for a while. If the Fed pauses, it’s a signal that they think the "neutral rate"—the sweet spot where the economy neither grows too fast nor shrinks—is higher than they originally thought.
Actionable Next Steps
- Don't wait for a "perfect" mortgage rate: If you find a home and the rate is sub-6%, today's data suggests it might not go much lower in the immediate future due to rising Treasury yields.
- Pay down high-interest debt now: With the Fed potentially pausing their cutting cycle, those 20%+ credit card APRs aren't going to vanish anytime soon.
- Watch the January 28 announcement: That is the next "real" date. Mark your calendar for 2:00 PM ET that Wednesday.
- Audit your subscriptions: The Beige Book shows companies are looking for ways to pass costs to consumers. Check your bills for "inflation surcharges" or stealth price hikes.
The Fed is currently walking a tightrope. They want to prevent a recession by cutting rates, but they're terrified of letting inflation back out of the bottle. Today's lack of movement shows they're not in a rush to tip the scales just yet.