MNI Fed Review - Mar 2026: When In Doubt, Do Nothing

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EXECUTIVE SUMMARY:

March’s FOMC meeting brought few surprises on the immediate monetary policy front, but there were intriguing longer-run developments, including on Chair Powell’s future. Markets modestly priced out the degree of upcoming rate cuts, though this was largely a continuation of price action throughout the day on the back of developments in the Middle East war. The press conference concluded with just 18bp of cuts priced through the end of 2026, vs 22bp just before the release of the decision.

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• MNI View
• Market Reaction
• MNI Instant Answers
• Press Conference Transcript
• FOMC Meeting Links
• Policy Statement Changes
• Dot Plot/Econ Projections
• MNI Policy - Fed Watch