After a flurry of rate cuts at the end of 2025, the FOMC decided to pause their rate cuts at the January meeting, keeping the fed funds trading range at 3.50%–3.75%. This week on the Basis Points podcast, Kevin Flanagan explains why this shift may mark a move toward neutral policy and how labor market data could steer the next phase of decision-making.

Basis point: 1/100th of 1 percent.

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