FOMC cuts rate projections as Powell warns of slowing growth
Federal Reserve’s rate-setting body projects slower inflation, higher unemployment
The Federal Open Market Committee turned even more dovish on March 20, as the majority of members revealed they do not expect a rate hike this year.
At its meeting on March 20, the FOMC voted to hold the target band for the federal funds rate constant at its current 2.25–2.5%. At the press conference following the meeting, Federal Reserve chair Jerome Powell said growth is slowing “somewhat more than expected”.
Data released by the FOMC shows its individual members are not expecting to raise
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