Federal Reserve Holds Rates at 3.50% to 3.75% in an 11-1 Vote, Lifting Its 2026 Inflation Projection to 2.7%
On March 18, 2026, the Federal Open Market Committee (FOMC) decided at the conclusion of its March 17-18 meeting to maintain the target range for the federal funds rate at 3.50 to 3.75 percent. The vote was 11 to 1: Governor Stephen I. Miran dissented, preferring to lower the target range by 25 basis points at this meeting.
The statement said available indicators suggest that economic activity has been expanding at a solid pace, job gains have remained low, the unemployment rate has been little changed in recent months, and inflation remains somewhat elevated. It also noted that the implications of developments in the Middle East for the U.S. economy are uncertain and that the Committee is attentive to the risks to both sides of its dual mandate. The Board of Governors voted unanimously to maintain the interest rate paid on reserve balances at 3.65 percent, effective March 19, 2026, and to establish the primary credit rate at the existing level of 3.75 percent.
In the Summary of Economic Projections released the same day, participants raised their inflation outlook: the median projection for PCE inflation in 2026 rose to 2.7 percent from 2.4 percent in December, and the median for core PCE inflation rose to 2.7 percent from 2.5 percent. The median projection for real GDP growth in 2026 was 2.4 percent (2.3 percent in December), for the unemployment rate 4.4 percent, and for the federal funds rate 3.4 percent, unchanged from December. The Committee's next meeting is scheduled for April 28-29, 2026.
Related: Federal Reserve Holds Rates Steady at 3.50% to 3.75% in First Decision of 2026
Source: Federal Reserve
Published by GSM · USA (original Chinese edition)
Photo: 图：位于美国华盛顿的美联储埃克尔斯大楼正面（资料照片）。美联储，公共领域，经 Wikimedia Commons。 / Photo: The front of the Eccles Building, headquarters of the Federal Reserve, in Washington, D.C. (file photo). Photo by the Federal Reserve, public domain, via Wikimedia Commons.
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