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The Federal Open Market Committee (FOMC) maintained the policy rate at 3.5%–3.75% for a third consecutive meeting.
Only minor changes were made to the accompanying statement.While the Committee continued to describe economic activity as growing at a solid pace, it also noted that developments in the Middle East are contributing to a high level of uncertainty about the economic outlook
On inflation, the wording was somewhat changed, with the Committee now referring to it as "elevated" rather than "somewhat elevated." It also admitted that rising energy prices are already contributing to inflationary pressures.
In terms of voting, 11 of the 12 members approved the decision. However, three participants opposed keeping an easing bias in the statement, indicating a more cautious approach. The single formal opposition came from Stephen Miran, who proposed a 25-basis-point rate rate cut.
Overall, with the economic outlook basically unchanged since the previous meeting and energy prices staying elevated amid ongoing tensions in the Strait of Hormuz, the Fed decided to remain on hold. The tone tilted slightly hawkish as many members lowered their support for an easing bias.
