What was the FOMC decision on January 29?

The FOMC decision kept the federal funds rate at 3.50%-3.75%. The statement raised the bar for additional near-term cuts, stressing the need for more evidence that inflation is moving sustainably lower. This patient stance shifts attention to upcoming labor and inflation data that can influence the timeline for any easing.

How did the S&P 500 react to the Fed meeting?

The S&P 500 hovered near recent highs, with the index around 6,978 and a day high at 7,002.28. Momentum is moderate with RSI at 57.5 and no strong trend per ADX near 12. Price action suggests a wait-and-see approach as investors parse labor and disinflation signals.

What does Powell’s emphasis on independence mean for markets?

Powell’s emphasis on independence signals that policy will follow data, not politics. This supports credibility and helps anchor inflation expectations. For investors, this reduces policy surprise risk and encourages a focus on fundamentals, particularly labor, wages, and core inflation readings that will guide the pace and timing of any rate cuts.

What should Singapore investors do after this Fed meeting?

Use a patient, data-led approach. Consider staggered entries into broad US equity exposure, keep some dry powder, and maintain hedges for USD exposure. For rate-sensitive assets like REITs, focus on balance sheet quality and lease strength. Watch jobs and core PCE data, which will shape timing toward a possible June policy shift.

Global Market Insights

^GSPC Today, January 29: Fed Holds Rates as Powell Defends Independence

ByDanny Kontos January 29, 2026January 29, 2026

The FOMC decision to hold rates at 3.50%-3.75% on 29 January keeps policy steady while Jerome Powell defended the Fed’s independence. The statement raised the bar for near-term cuts, pointing to a patient path to easing. Markets now look to labor and disinflation trends, with many expecting no change until June. For Singapore investors, this affects equity exposure, USD hedging, and REIT sensitivity to yields. We outline the S&P 500 reaction, key technical levels, and the data that matters next.