The Federal Reserve begins its FOMC meeting today, with markets expecting no interest rate cut for now. Official data shows inflation holding steady, while job numbers remain strong, giving the Fed room to wait. Policymakers are also cautious because recent inflation and labor figures were affected by the 2025 government shutdown. However, independent price data paints a different picture, showing a sharp drop in inflation in January. For now, the Fed is likely to stay patient and watch the data closely.