Federal Reserve Chairman Jerome Powell and his fellow policymakers may not have said much at their meeting this week, but the market heard all it needed. In fact, the two-day Federal Open Market Committee policy session concluded with virtually no change to the post-meeting statement and the same projection for three interest rate cuts this year that officials put forth at their December gathering . But affirmation of the status quo was more than enough.
"Powell painted a dovish picture by noting that, even though the firmed January and February inflation prints did little to reinforce this confidence, monetary policy remains restrictive and inflation is set to slow in coming months, thereby opening the door to cuts 'at some point this year,'" wrote Jonathan Millar, senior U.S. economist at Barclays.
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