FOMC Holds Rate at 3-1/2 to 3-3/4 Percent
The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent. It said it will carefully assess incoming data, the evolving outlook, and the balance of risks when considering additional adjustments. 1
The statement says economic activity has been expanding at a solid pace and job gains have remained low. It describes the unemployment rate as little changed and inflation as somewhat elevated. 1
The statement says the implications of developments in the Middle East for the U.S. economy are uncertain. Chair Powell said the Committee remains attentive to risks to both sides of its dual mandate. 12
The Summary of Economic Projections shows median real GDP growth of 2.4 percent in 2026 and 2.3 percent in 2027. The projected unemployment rate is 4.4 percent in 2026 and 4.3 percent in 2027. 1
The minutes say front-month crude oil futures prices rose about 50 percent over the intermeeting period after the Middle East conflict began. Longer-dated futures rose significantly less. 1
Cited releases · 4
FedPress conferenceMar 18, 2026EN
FOMC Press Conference March 18, 2026
FedMinutesApr 8, 2026EN
Minutes of the Federal Open Market Committee, March 17–18, 2026
AI These minutes of the March 17–18, 2026 FOMC meeting open with the manager's report on financial markets during the intermeeting period. Front-month crude oil futures rose about 50 percent after the Middle East conflict began, the one-year inflation swap rate rose nearly 50 basis points, and broad equity prices fell about 5 percent. Futures pricing shifted toward fewer rate cuts, and money market conditions stayed stable amid ongoing reserve management purchases.
FedStatementMar 18, 2026EN
Federal Reserve issues FOMC statement
FedReportMar 18, 2026EN