#fomc

Fed Governor Miran Resigns, Backs Warsh as New Chair Federal Reserve Governor Stephen Miran has formally resigned from his position, effective when or shortly before new Chair Kevin Warsh assumes leadership. The announcement came on Thursday, with Miran stating he will step down from the central bank’s board as Warsh prepares to take the helm. Miran’s resignation marks the end of his brief tenure on the Federal Open Market Committee (FOMC), where he served as a contrarian voice during his time on the rate-setting body. Miran’s term began in September 2025, following the abrupt resignation of Adriana Kugler, who had led the FOMC until August of that year. During his time on the committee, Miran consistently voted against the aggressive rate-cutting measures adopted by the FOMC. Specifically, he opposed the three quarter-percentage-point reductions approved in 2025 and later cast votes against three decisions to maintain steady rates, favoring instead smaller cuts. His dissenting stance positioned him as a key figure in the Fed’s evolving policy debates. In his resignation letter, Miran described his time at the Fed as “the highest honor of my life,” expressing confidence in Warsh’s leadership. The new chair, who received Senate confirmation earlier this week, is set to take over as the Fed navigates complex economic challenges. Miran highlighted his anticipation for the changes Warsh and the Federal Reserve might implement, particularly in areas such as communications policy, balance sheet management, and adherence to the central bank’s narrow mandate. He emphasized the need for the Fed to avoid entanglement in politically sensitive issues. Miran’s tenure was marked by his advocacy for a more forward-looking approach to monetary policy.#kevin_warsh #fed #fomc #stephen_miran #adriana_kugler

Expectativas de subidas de tipos en duda mientras se anticipa un debilitamiento de los PMI en Europa, Reino Unido, EE.UU. y Japón El conflicto en Irán continúa afectando los mercados de materias primas, aunque con diferencias en su impacto. Ronald Temple, estratega jefe de mercados de Lazard, señala que el escenario más probable es una desescalada gradual del estrecho de Ormuz, pero advierte que el efecto inflacionario de la guerra podría persistir meses después de que se resuelva el conflicto. Algunas materias primas tardarían en recuperar sus niveles previos al conflicto, lo que podría mantener presiones inflacionarias. Las expectativas sobre la política monetaria de los bancos centrales han cambiado bruscamente debido al conflicto. En Estados Unidos, tras la decisión del FOMC de mantener los tipos, los mercados han pasado de anticipar dos recortes de tipos para finales de año a no esperar cambios en la política monetaria. Temple considera que los recortes son innecesarios en un contexto de pleno empleo y elevada inflación, aunque sugiere que, una vez que el conflicto termine y los precios de la energía normalicen, el mercado volverá a descontar un recorte de 25 puntos básicos. En la eurozona, los mercados han ajustado sus expectativas hacia subidas de tipos de 75 puntos básicos para finales de año, algo que Temple califica como excesivamente agresivo. Cree que es poco probable que el Banco Central Europeo (BCE) suba los tipos en este escenario. En Reino Unido, el cambio en las expectativas ha sido aún más extremo: hace semanas se discutía si el Banco de Inglaterra (BoE) recortaría tipos dos o tres veces en 2026, pero ahora los mercados descontan subidas de unos 85 puntos básicos.#fomc #banco_central_europeo #bancos_centrales #banco_de_inglaterra #banco_de_japon

Fed Meeting Today: The Central Bank Holds Rates Steady, Points to One Cut This Year The Federal Reserve’s Federal Open Market Committee (FOMC) decided to maintain its benchmark interest rate range at 3.50% to 3.75% during its March 18, 2026, meeting. This marks the second consecutive meeting where the central bank opted not to lower rates, following a similar decision in January. The decision aligns with previous forecasts, as officials continue to project only a single rate reduction in 2026, a stance unchanged since the December meeting. Economic projections released alongside the decision indicate the Fed expects the U.S. economy to grow at an average rate of 2.4% in 2026, slightly higher than the 2.2% forecasted in December. This revision reflects updated assessments of consumer spending, business investment, and labor market conditions. However, the central bank remains cautious, emphasizing that inflationary pressures, though easing, still pose risks to long-term price stability. Notably, Governor Stephen Miran cast the sole dissenting vote against the decision to keep rates unchanged. In a statement, Miran argued that the current economic data suggests a more accommodative stance could be warranted to support growth without compromising inflation control. His dissent highlights ongoing internal debates within the Fed about the appropriate balance between stimulating the economy and maintaining price stability. Chair Jerome Powell addressed the broader economic outlook during his post-meeting press conference, acknowledging the potential impact of geopolitical tensions. He specifically mentioned the ongoing conflict in Iran as a factor that could introduce uncertainty into global markets.#iran #federal_reserve #jerome_powell #fomc #stephen_miran

Federal Reserve Maintains Interest Rates Amid Rising Inflation and Geopolitical Uncertainty The Federal Reserve decided to keep its benchmark interest rate unchanged, maintaining a target range of 3.5% to 3.75% during its latest meeting. Policymakers indicated that a potential rate cut could occur later this year, as reflected in the “dot plot” of projections from Federal Open Market Committee (FOMC) members. However, the decision came amid heightened uncertainty due to the ongoing U.S.-Iran conflict, which has driven oil prices to record levels and complicated inflation forecasts. Oil prices surged to over $109 per barrel during the week, fueled by supply disruptions in the Middle East. This spike has raised concerns about inflation, as the producer price index for February showed stronger-than-expected increases. Futures markets now suggest that any rate cuts may be delayed until at least December, according to CME Group’s FedWatch tool. Investors closely monitored Fed Chair Jerome Powell’s press conference, where he addressed the central bank’s outlook on inflation, economic progress, and the broader implications of the war. Powell emphasized that while the U.S. economy remains resilient, the long-term effects of the conflict are unpredictable. “We don’t know what the effects of this will be,” he stated, noting that no one has a clear understanding of how the war will impact economic conditions. He also acknowledged that the Fed’s progress on reducing inflation has been slower than anticipated, with the central bank projecting only modest improvements this year. “We will be making progress on inflation, not as much as we had hoped, but some progress,” Powell said, highlighting the need for continued monitoring of inflationary pressures.#iran_war #federal_reserve #jerome_powell #fomc #cme_group