Alex Ossola

I'm Alex Osola, wishing you a relaxing end to this month.

Thanks for listening.

The Federal Reserve holds rates steady and offers little clarity on when it might start cutting again.

Plus, a new wave of AI startups are landing billion-dollar valuations, even though they don't have a product.

And two Border Patrol agents who shot Alex Preddy and the ICE officer who shot Rene Good in Minneapolis have been put on leave.

It's Wednesday, January 28th.

I'm Alex Osola for The Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that move the world today.

The Federal Reserve held interest rates steady today, entering a new holding pattern after three straight cuts.

Officials kept language that's typically suggested an openness to further moves without suggesting any hurry to make them.

In a press conference after the decision was announced, Chair Jerome Powell offered little insight into what's next.

For more on the Fed's decision and what went into it, I'm joined now by WSJ investing columnist Spencer Jacob.

Spencer, Powell said that the Fed chose to keep rates steady as inflation and employment are, at least for the moment, in a sort of balance.

What would it take for it to start cutting rates again?

Among Fed officials for this month's decision, Powell said there was broad support for cutting.

But two officials, both of whom were appointed by President Trump, said that they wanted to cut this time around.

What does that show us about how the Fed is functioning as a body?

Right.

By Waller, you mean Christopher Waller, who's in the running to be the new Fed chair, along with Kevin Warsh, Kevin Hassett, and Rick Reeder.

But our current Fed chair, Powell, he was asked today about the Justice Department investigation into him and the Lisa Cook case in front of the Supreme Court, both of which could affect the independence of the central bank.