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The Federal Reserve left the fed funds rate steady at a 23-year high of 5.25%-5.5% for a fifth consecutive meeting in March 2024, in line with market expectations. Policymakers still plan to cut interest rates three times this year, similar to the quarterly forecasts in December. The plot also indicated three cuts in 2025, one fewer than in December, and three more reductions in 2026. Meanwhile, US GDP growth is seen higher in 2024 (2.1% vs 1.4% in the December projection), 2025 (2% vs 1.8%) and 2026 (2% vs 1.9%). PCE inflation forecasts were kept unchanged for 2024 (2.4% vs 2.4%) but were raised for 2025 (2.2% vs 2.1%) while the core rate is seen higher this year (2.6% vs 2.4%) while forecasts were left unchanged for 2025 at 2.2%. The unemployment rate is seen lower at 4% in 2024 (vs 4.1%) but projections were kept at 4.1% for next year

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