Major brokerages, including BofA and Goldman Sachs, expect the U.S. Federal Reserve to hold interest rates steady in the upcoming January meeting, after the central bank delivered a quarter-percentage-point cut in December.

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Fed Chair Jerome Powell said more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation. His remarks indicated policymakers were starting to consider the prospects for sweeping economic changes under a Trump administration.