A platter of surprise was unlikely to be on the menu at the March FOMC meeting. There was a clear consensus among observers that the Fed would hold interest rates at its current benchmark range of 4.25% to 4.50%. And that was the headline telegraph of today’s release.

In January 2025 policy, Powells committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. FOMC aims to achieve maximum employment and inflation at the rate of 2 percent over the longer run.