- FOMC vote: 11–1 to hold rates at 3.5%–3.75%; Governor Stephen Miran dissented
for a 25 bp cut.
- Dot plot: median projects one 25 bp cut in 2026, one in 2027, unchanged from
December.
- Core PCE inflation for end-2026: 2.7% (up from 2.5%); GDP growth 2.4% (up from
2.3%).
- Fed cites uncertainty from Middle East developments.
- Job gains remain low; unemployment “little changed.”
- Economic activity expanding at a “solid pace”; inflation “somewhat elevated.”
