Fed holds rates at 3.50%–3.75%; 1 dissent

Fed funds (upper)Fed funds (lower)SPX XAU

The Federal Open Market Committee kept the target range for the federal funds rate at 3.50%–3.75% at its March 2026 meeting. Stephen I. Miran (preferred: cut 25bp) dissented. The Committee also published its quarterly Summary of Economic Projections.

Target range 3.50%–3.75% (unchanged)
Dissents: Stephen I. Miran — cut 25bp
Summary of Economic Projections (dot plot) released
Statement released 2:00 pm ET

SPX around the story · hourly24 h reaction ▼ 0.75%

Moves this explains

XAU−3.27%Mar 17 · Fell 3.3% to a one-month low around $4,820 after the Fed held rates at 3.50%-3.75% with a hawkish tone and elevated inflation concerns, cutting expectations of near-term rate cuts.XAU−4.01%Mar 18 · Fell another 4.0% to about $4,646, extending a losing streak of six sessions as traders priced in possible rate hikes after the Fed's hawkish hold.

Source

Federal Reserve

Mar 18, 2026, 2:00 PM ET

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