Fed Holds Rates Steady, Signals 2026 Cuts But Pushes Back on Market Hype
The U.S. Federal Reserve holds interest rates at 5.25%-5.50% for the fourth straight meeting. Officials project three rate cuts in 2026 but emphasize the need for more confidence in falling inflation.
Fed Projects Cuts Next Year, But Signals Patience
The Federal Reserve held its benchmark interest rate steady in the 5.25% to 5.50% range for the fourth consecutive meeting, while signaling that rate cuts are on the horizon for 2026—just not as soon as investors might hope.
In a statement released after its two-day policy meeting on December 22, 2025, the Federal Open Market Committee (FOMC) indicated that its aggressive tightening campaign is likely over. New projections show a consensus for three quarter-percentage-point cuts next year. However, Fed Chair Jerome Powell was quick to temper expectations for an imminent policy shift.
"The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent," Powell stated at the post-meeting press conference.
Markets Rally on Dovish Tilt, Despite Cautious Tone
The Fed's stance reflects a delicate balancing act: acknowledging cooling inflation and a labor market that is "coming into better balance," without declaring victory. The central bank wants to avoid cutting rates prematurely, which could risk reigniting price pressures.
Despite Powell's cautious language, Wall Street interpreted the overall message as a dovish pivot. Stocks rallied on the news, with the S&P 500 climbing 0.8% and the tech-heavy Nasdaq Composite adding 1.1%. The yield on the 10-year U.S. Treasury note, a key benchmark for borrowing costs, fell to 3.95% as investors increased their bets on lower rates ahead.
PRISM Insight: The Fed's Patience vs. Wall Street's Pivot Bet
Today's announcement highlights a growing disconnect between the Fed's data-dependent patience and the market's aggressive pricing of rate cuts. While the Fed penciled in three cuts for 2026, futures markets have, at times, priced in more. This divergence creates a potential for volatility. For investors, the takeaway is that the path to lower rates won't be a straight line. The Fed is watching the data, not the markets. Any sign of sticky inflation or a re-acceleration in the economy could force investors to quickly reassess their rosy outlooks.
관련 기사
미국 연준이 기준금리를 5.25%~5.50%로 4회 연속 동결했습니다. 2026년 금리 인하를 시사했지만, 파월 의장은 인플레이션에 대한 더 큰 확신이 필요하다며 신중한 입장을 보였습니다.
2026년 FOMC 투표권을 갖는 베스 해먹 클리블랜드 연은 총재가 금리 동결을 강력히 시사하며 시장의 인하 기대에 찬물을 끼얹었다. 크리스토퍼 월러 이사와의 극명한 시각차는 향후 연준의 정책 불확실성을 예고한다.
예상보다 낮은 미국 CPI에도 연준은 금리 인하 전망을 축소했습니다. 엇갈린 신호 속에서 투자자들이 알아야 할 시장 분석과 '이중 시장' 투자 전략을 제시합니다.
미 연준이 연내 금리인하 전망을 1회로 축소하며 시장에 충격을 줬습니다. '고금리 장기화' 시대, 글로벌 투자 전략을 심층 분석합니다.