US EditionFed Holds Rates, Now with Only 1 Dissenter, Sees Accelerating Inflation & GDP Growth
Federal Open Market Committee leaves rates steady with one dissent; inflation projections for 2026 rise to 2.7%, while median forecast still signals one rate cut next year.
- At its 2026-03-19 meeting, the FOMC maintained the target federal funds range at 3.5%-3.75% and the IORB at 3.65%, holding rates steady.
- Hours before the meeting, a hotter-than-expected producer price index arrived, prompting traders and futures markets to pare near-term cut odds while headline and core PCE rose to 2.7% by end-2026.
- The Summary of Economic Projections' dot plot shows a divided outlook among the 19 FOMC participants, with the median projection of one cut in 2026 unchanged from prior SEPs.
- Futures-Market moves followed the Fed's hold, with traders repricing the implied year-end fed funds rate to 3.43% from the current 3.64%, while Stephen I. Miran, dissenting FOMC voter, preferred a 25-basis-point cut.
- The Fed's longer-run projections show a slower return to 2.0% inflation, with the longer-run federal funds rate rising to 3.1% and the median unemployment rate steady at 4.4% for end-2026.
11 Articles
11 Articles
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Fed Holds Rates Steady as Markets React with Volatility
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FOMC Meeting Highlights March 2026: Fed Expects One Rate Cut, PCE Inflation at 2.7%
FOMC Meeting Highlights March 2026: The Fed held interest rates steady, but still expects one rate cut this year. The officials also submitted their projections for gross domestic product (GDP) growth, unemployment rate, and PCE inflation amid elevated oil prices. FOMC Meeting Highlights: Fed Kept Interest Rates Unchanged The Federal Open Market Committee (FOMC) members The post FOMC Meeting Highlights March 2026: Fed Expects One Rate Cut, PCE I…
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