Takeaways from the March Fed meeting: • The era of 'easy' cuts could be over. Last year's were a recalibration; the next ones have to be earned with better inflation data or downside risks being realized. • The dots weren't as hawkish as feared, but Powell told markets not to put much weight on them given the uncertainty. • The lack of progress on core services ex-housing is "frustrating." If the Fed can't explain why that's stuck, it's harder to have confidence the inflation problem solves itself. • The DOJ probe is backfiring: Powell says he's staying until it's over, and the appeal is freezing Warsh's confirmation. https://www.wsj.com/video/fed-leaves-rates-steady-key-takeaways-on-powells-economic-outlook/D528187D-3D5D-4D64-9436-F33F3CF48AF1(Nick Timiraos)