Federal Reserve Chair Jerome Powell pauses while speaking during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on Jan. 28, 2026 in Washington, DC.
Kevin Dietsch | Getty Images
As expected, the U.S. Federal Reserve left its key interest rate steady in a range between 3.5%-3.75%.
But what investors were really keeping their eyes peeled for were signs of political fingerprints on the independent central bank.
For the most part, the meeting and press conference focused on the U.S. economy and labor market — which, encouragingly, the Fed thinks have improved since the last meeting.
But Powell did bring up the legal case against Fed Governor Lisa Cook, who has been accused of mortgage fraud, a claim which she denies. The ruling will decide if U.S. President Donald Trump can fire her.
“That case is perhaps the most important legal case in the Fed’s 113-year history,” Powell said Wednesday during his post-Fed meeting press conference. “As I thought about it, I thought it might be hard to explain why I didn’t attend.”
Powell also left some advice to the next Fed chair. “Don’t get pulled into elected politics,” Powell said. “Don’t do it.”
Tech megacap earnings also dominated the news overnight. Meta, Microsoft and Tesla reported results after markets closed. Even though all beat expectations for earnings per share and revenue, investors were selective with their rewards.
In extended trading, Meta shares popped as much as 10% on its stronger-than-expected forecast for first-quarter revenue. Tesla stock added roughly 1% even though it experienced its first annual revenue decline in 2025. Last, Microsoft fell more than 6% on slowing cloud growth and light margin guidance.
Asian chip giants also had expectation-busting results. SK Hynix on Wednesday reported a record full-year profit for 2025, while Samsung Electronics’ fourth-quarter earnings hit an all-time quarterly high, according to the company on Thursday. Both firms have memory chip shortages to thank.
On Wednesday, the S&P 500 touched the 7,000 level for the first time but closed below that threshold. The U.S. dollar strengthened after Treasury Secretary denied reports that the country was intervening in the currency market.
Just this morning in Asia, gold prices hit a record high above $5,500. With Apple next in line to report earnings, investors have plenty, still, to monitor.
— CNBC’s Alex Harring contributed to this report.
What you need to know today
And finally…
Why Singapore is becoming a refuge for investors
When KPMG executive Anton Ruddenklau moved to high-rise Singapore from the leafy streets of a London commuter town, one of the first things he noticed was how easy it was to do business in the Southeast Asian nation.
And, while Ruddenklau said Singapore as a market by itself is “not particularly interesting,” because of its small population, investors like it for its location, English common-law and large private capital markets, he added, describing it as a “hub” for capital flows into and out of Asia.
— Lucy Handley