Fixed income markets project that the Fed will hold interest rates steady at the first scheduled meeting of 2026.

A slew of Federal Reserve officials spoke to the importance of central bank independence on Wednesday in response to questions about the news that the US Department of Justice issued subpoenas to the Fed focused on a costly building renovation and Fed Chair Jerome Powell’s congressional testimony last year about the project.

The report is the last of its kind before the Federal Reserve meets again in two weeks. With the employment report for December showing the unemployment rate sinking back to a relatively healthy 4.4 percent, officials are expected to hold interest rates steady after cutting them three times since September.