BOSTON, MA, March 19, 2025 — The Federal Open Market Committee (FOMC) met today to assess the state of the U.S. economy and monetary policy.

What We Learned

As markets expected, the FOMC left the Federal Funds Target Rate unchanged at 4.25-4.50%. Although progress in reducing inflation has been broad-based, the data hovers above the Fed’s 2% target. The job market is broadly balanced, despite government layoffs. With the totality of the data signaling that the risks to achieving the dual mandate are in balance, the pace and magnitude of future policy adjustments continues to be data-dependent and subject to change meeting to meeting. 

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