The Federal Open Market Committee today voted to maintain the target range of the federal funds rate at 3.5%-3.75%. Fed Governor Stephen Miran voted against the action, preferring a cut of 25 basis points.
In a statement after the meeting, the FOMC said that uncertainty about the economic outlook remains elevated: “The implications of developments in the Middle East for the U.S. economy are uncertain,” it said.
The March meeting was the second of the year for the FOMC. The committee last met in January, when a majority of members voted to hold rates steady. Fed Governor Christopher Waller, who pushed for a rate cut at the January meeting, this time voted with the majority.
