Schwab Network No Cut in January or 2026? Interest Rate Roundtable Ahead of FOMC Meeting
Jan 23, 2026
Ben Emmons, founder of FedWatch Advisors, offers Fed policy and macro analysis. Chuck Lieberman, CIO at Advisors Capital Management, shares investment strategy views. They debate why the Fed is likely to hold rates, how politics and data shape decisions, and implications for stocks, bonds, the dollar, and precious metals in 2026.
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Powell Faces Tough Messaging Amid Division
- Ben Emons says Powell faces a challenging message amid internal Fed division and legal overhang.
- Markets may price out rate cuts further and volatility could spike if Powell signals prolonged hold.
Strong Economy Could Keep Rates Elevated
- Chuck Lieberman expects the Fed to hold rates and possibly do nothing all year if data stays strong.
- He warns a healthy economy could pressure inflation upward, reducing room for cuts.
Fed Will Lean On Data To Avoid Political Optics
- Both guests stress the Fed will emphasize data to avoid appearing politically influenced.
- Political appointments could shift policy later, but near-term action will be justified by economic indicators.