Full text of the Federal Reserve decision: maintaining interest rates unchanged and expecting one rate cut within the year, with Governor Mikan casting a dissenting vote.

MarsBitNews · 2026-03-18T21:33:48+00:00

On March 19, the Federal Reserve maintained interest rates unchanged at 3.5%-3.75%, with an 11-1 vote in favor. Governor Miran dissented, advocating for a rate cut of 25 basis points. The statement noted that economic expansion remains robust, but unemployment and inflation remain elevated, and the impact of the Middle East situation remains unclear. Future policy will be adjusted based on new data.

MarsBitNews

2026-03-18 21:33:48

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Source: Jin10

On March 19, the Federal Reserve kept interest rates unchanged, with the committee voting 11-1 in favor of this decision. Governor Milan voted against, believing that rates should be cut by 25 basis points.

The FOMC statement indicates that the impact of developments in the Middle East remains uncertain. The dot plot shows a cumulative rate cut of 25 basis points by 2026.

Full Policy Statement

Available indicators suggest that economic activity is expanding at a solid pace. Job growth remains modest, with the unemployment rate nearly unchanged in recent months. Inflation remains somewhat elevated.

The committee aims to achieve maximum employment and 2% inflation over the long term. Uncertainty about the economic outlook remains high. The developments in the Middle East could impact the U.S. economy, and the committee is attentive to the risks facing its dual mandate.

To support its goals, the committee has decided to keep the federal funds rate target range at 3.5%-3.75%. When considering further adjustments to the rate target range, the committee will carefully evaluate the latest data, evolving outlook, and risk balance. The committee remains committed to supporting maximum employment and returning inflation to 2%.

In assessing the appropriate monetary policy stance, the committee will continue to monitor new information that could affect the economic outlook. If risks emerge that could hinder the committee’s objectives, it is prepared to adjust monetary policy accordingly. The assessment will consider a broad range of information, including labor market conditions, inflation pressures and expectations, and developments in financial and international markets.

Voting in favor of this monetary policy action were: Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Beth M. Hammack; Philip N. Jefferson; Neel Kashkari; Lorie K. Logan; Anna Paulson; and Christopher J. Waller. The dissenting vote was cast by Stephen I. Miran, who advocated for a 25 basis point rate cut at this meeting.

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