The Globe and Mail reports in its Thursday, Jan. 29, edition that the Federal Reserve paused interest-rate cuts Wednesday, keeping its key rate at 3.6 per cent after three reductions last year. An Associated Press dispatch to The Globe reports that the Fed said that there are signs the job market has stabilized while it also said growth was "solid," an upgrade from last month's characterization as "modest." The economy is growing steadily, and with hiring strong, Fed officials likely will not rush further rate cuts. While many policy-makers anticipate reducing borrowing costs this year, they want to see evidence of inflation moving closer to the 2-per-cent target. Two officials dissented from the decision: governors Stephen Miran and Christopher Waller, who favoured a quarter-point reduction. Appointed by President Donald Trump in September, Mr. Miran had previously dissented for a half-point cut. Mr. Waller is being considered to replace Jerome Powell, whose term ends in May. The Fed's decision to stand pat will likely fuel further criticism from President Donald Trump, who has assailed Mr. Powell for months for not sharply cutting short-term rates. AP says a key issue facing the Fed is how long it will remain on hold.