Source: Jin Ten

On March 19, the Federal Reserve maintained interest rates, with members voting 11-1 in favor of this rate decision. Board member Miran cast the dissenting vote, believing that rates should be cut by 25 basis points.

The Federal Reserve FOMC statement indicates that the impact of developments in the Middle East remains unclear. The dot plot median shows a cumulative rate cut of 25 basis points by 2026.

Full Text of the Policy Statement

Available indicators suggest that economic activity is expanding at a robust pace. Employment growth remains low, and the unemployment rate has changed little in recent months. Inflation remains at a somewhat elevated level.

The committee seeks to achieve maximum employment and a 2% inflation target over the long term. Uncertainty regarding the economic outlook remains high. The impact of developments in the Middle East on the U.S. economy remains uncertain. The committee is mindful of the risks facing both aspects of its dual mandate.

To support its goals, the committee decided to maintain the target range for the federal funds rate at 3.5%-3.75%. When considering the magnitude and timing of further adjustments to the target range for the federal funds rate, the committee will carefully assess the latest data, evolving outlooks, and risk balances. The committee is firmly committed to supporting maximum employment and restoring inflation to the 2% target.

In assessing the appropriate stance of monetary policy, the committee will continue to focus on how new information affects the economic outlook. Should risks arise that could impede the fulfillment of the committee's goals, the committee stands ready to adjust the stance of monetary policy in a timely manner. The committee's assessment will take into account a wide range of information, including labor market conditions, inflation pressures and inflation expectations, as well as developments in financial and international conditions.

Voting in support of this monetary policy action were: Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Beth M. Hammack; Philip N. Jefferson; Neel Kashkari; Lorie K. Logan; Anna Paulson; and Christopher J. Waller. Opposing the decision was Stephen I. Miran, who advocated for a 25 basis point cut in the federal funds rate target range at this meeting.

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