The Federal Open Market Committee (FOMC) on 18 March 2026 left the federal funds target range at 3.50–3.75 percent, judging that solid economic activity and still-elevated inflation alongside subdued hiring and a broadly steady unemployment rate warranted no change while acknowledging heightened uncertainty, including from developments in the Middle East. After three consecutive 25 bp cuts between September and December 2025 that brought the range down by a cumulative 75 bp, the Committee has now held rates steady at two meetings. The statement contains no new operational changes beyond an accompanying implementation note. Policymakers observed that inflation remains above the 2 percent goal even as economic growth stays solid and labour-market gains are muted, and they reaffirmed vigilance toward risks on both sides of the dual mandate as well as readiness to adjust policy if needed. The decision passed 10–1, with Stephen I. Miran favouring a further 25 bp cut.
Federal Reserve Board 2026-03-18
FOMC leaves fed funds target range unchanged at 3.50–3.75%
FOMC on 18 March 2026 kept the federal funds target range at 3.50-3.75 percent, citing solid growth, still-elevated inflation and heightened uncertainty. This second straight pause after three 25 bp cuts in late 2025 passed 10-1, with Stephen I. Miran voting for a further 25 bp reduction.