As expected, and bang in line with market pricing, the FOMC maintained the target range for the fed funds rate between 3.50% - 3.75% at the conclusion of the March meeting, extending a ‘pause’ in the easing cycle which began in January, amid an increasingly uncertain economic outlook in light of ongoing conflict in the Middle East, and the subsequent sharp rise in energy prices. {chart} Despite no policy changes being made, the Committee remained divided as to the appropriate rate path, continuing what is now a long-running theme of disunity among policymakers, with the last unanimous rate decision having been in ... (full story)