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March 19: Notably, no policymakers expected further interest rate hikes by the end of this year in the latest rate decision—but one official projected a single rate hike by 2027. (Kujunjie)

**FED HOLDS RATES STEADY; 11-1 VOTE, MIRAN DISSENTS (MARCH 19)** The Federal Reserve kept its federal funds target range unchanged at 3.5%-3.75% on March 19, with the FOMC voting 11-1 to hold rates. Governor Stephen I. Miran dissented, advocating a 25-basis-point rate cut. The Committee’s post-meeting statement flagged "high uncertainties" around the economic outlook, including "uncertain implications" of the Middle East situation for the U.S. economy. The latest dot plot projects a total of 25 basis points in rate cuts by 2026. Key economic takeaways from the statement: - Economic activity expanding at a moderate pace - Job gains slowing, unemployment rate steady - Inflation still "somewhat elevated" The Fed reaffirmed its dual mandate of maximum employment and 2% inflation over the long run. It will assess incoming data, the evolving outlook, and risks to adjust policy timing/size, and remains prepared to tweak policy if risks impede its goals (considering labor mar

March 19: The Federal Reserve’s Federal Open Market Committee (FOMC) released updated economic projections on Wednesday, with key revisions to inflation and unemployment outlooks: - **Core PCE inflation (year-end):** 2026: 2.7% (vs. December prior projection of 2.5%) 2027: 2.2% (vs. December prior 2.1%) 2028: 2.0% (unchanged from December prior) - **Unemployment rate (year-end):** 2026: 4.4% (matches February prior projection) 2027: 4.3% (vs. February prior 4.2%) 2028: 4.2% (unchanged from February prior) Source: FXStreet

**March 19 FOMC Economic Projections (Federal Reserve):** - Median GDP growth expectations (end-2026/2027/2028): 2.4%/2.3%/2.1% *Prior: 2.3%/2.0%/1.9%* - Median PCE inflation expectations (end-2026/2027/2028): 2.7%/2.2%/2.0% *Prior: 2.4%/2.1%/2.0%* *Source: FXStreet*

March 19 — The Federal Reserve maintained its forecast for one interest rate cut in 2026 and another in 2027. (Xinhua News Agency)

March 19 Federal Reserve FOMC Statement: Governor Waller Dissented on the Rate Decision; Members Approved with an 11-1 Vote (10-2 at the Previous Meeting) [Kryptonite]