For the first time since September, the Federal Reserve kept rates unchanged at the January FOMC meeting, holding the Fed Funds target range at 4.25%–4.50%. But is this pause a step toward more rate cuts or the beginning of a more cautious approach? This week on the Basis Points podcast, Kevin Flanagan shares the key takeaways from the January meeting, the Fed’s recalibrated stance and why the definition of a “neutral” rate remains a moving target.

Basis Point: 1/100th of a percent.