As widely expected, the FOMC remained on hold at the March 17-18 meeting. Governor Miran dissented again, because he wanted a ¼ percentage point cut. The FOMC statement saw only minor changes. The most important one was the addition of “The implications of the developments in the Middle East for the U.S. economy are uncertain.” Given the high level of uncertainty, Powell downplayed the importance of the new Summary of Economic Projections. However, the new forecasts did give us some insight into the Committee’s thinking. During the press conference, Powell also made some comments about his own future. The new Summary ... (full story)