FOMC members cut rate projections after banking turmoil

US labour market still too tight but banks’ problems may moderate demand, FOMC minutes say

Federal Reserve
The US Federal Reserve

Some of the US Federal Reserve’s monetary policy-makers cut their projections for future policy rate rises after banking sector turmoil.

Federal Open Market Committee members paid considerable attention to Silicon Valley Bank’s failure and Credit Suisse’s rescue, according to minutes of the March 21–22 meeting. The FOMC raised the federal funds rate in March by 25 basis points to a range of 4.75–5%, its ninth consecutive hike.

Several committee members said they considered holding the rate

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