March 18, 2026
Recent indicators point to continued solid growth in U.S. economic activity, although job creation has remained subdued and the unemployment rate has been relatively stable in recent months. Inflation, while moderating, continues to run above desired levels. The Federal Open Market Committee (FOMC) remains focused on its dual mandate of fostering maximum employment and maintaining inflation at 2 percent over the longer term. The Committee also highlights that the economic outlook remains uncertain, with geopolitical developments in the Middle East adding to potential risks.
To advance its policy objectives, the FOMC opted to keep the federal funds rate unchanged within the 3.5% to 3.75% target range. Future adjustments will depend on the evolution of economic conditions, including new data releases, shifts in the outlook, and changes in the balance of risks. The Committee reaffirmed its commitment to restoring inflation to target while supporting labor market strength.
The FOMC also emphasized its readiness to modify the policy stance if emerging risks threaten progress toward its goals. Its ongoing assessment will draw on a broad spectrum of indicators, including labor market performance, inflation trends, inflation expectations, and financial and global developments.
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