The Fed’s rate-setting committee voted to pause further reductions in borrowing costs, keeping the policy rate around 3.6%. Chair Jerome Powell said the economic outlook had improved since the prior meeting in December and the Fed’s statement pointed to signs the labor market is stabilizing. The excerpt also notes ongoing political pressure from the White House and references Justice Department subpoenas tied to a criminal investigation related to Powell’s congressional testimony about a $2.5 billion building renovation; Powell did not add to his earlier public comments on the matter at the January 28 press conference.