Banknotes: January to March 2025

A round-up of news and salient issues that have affected central bankers in the past three months

Federal Reserve
Monetary policyFed holds due to tariff risks

The US Federal Reserve decided on March 19 and February 29 to hold the target range for the federal funds rate at 4.25–4.5%. At the time of the January decision, president Donald Trump attacked the Fed for both causing and failing to stop inflation, but later said its decision had been “the right thing to do”. The minutes of the meeting, published on February 19, showed the Federal Open Market Committee (FOMC) had held because of potential upside risks

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