Monex Research Director: The possibility of the Federal Reserve cutting interest rates in March has been eliminated

Federal Reserve Holds Rates Steady, War Escalates Inflation Risks, Bitcoin Pulls Back Above 70K

The Federal Reserve kept the federal funds rate unchanged at 3.5% to 3.75%, with Fed Chair Powell pointing out the uncertainty of war on inflation. The three major U.S. stock indices fell, with Bitcoin temporarily pulling back to $70,500. February PPI rose more than expected, oil prices surged to $107, intensifying inflation concerns. Market confidence has not fully recovered, though institutional fund inflows into Bitcoin ETFs indicate warming sentiment.

Powell: Next Rate Hike Possibility Mentioned, But Most Participants Do Not View It as Base Case

Gate News reports that on March 18, Federal Reserve Chair Powell stated on March 19 that the vast majority of participants do not view rate hikes as the base case. He pointed out that the meeting discussed two-sided risks that may exist regarding interest rates, and the possibility that the next move could be a rate hike was indeed mentioned.

Powell: Federal Reserve's Latest Economic Forecast Difficult to Accurately Predict Due to Iran War Uncertainty

Gate News reported that on March 18, Federal Reserve Chair Powell stated on March 19 that given the uncertainty brought about by the Iran war, the Federal Reserve's latest round of economic projections is somewhat like a guess. Powell said: "Regarding this economic projections summary, many people have mentioned that if we were to skip a projections summary, this would be the best candidate, because given the various uncertainties brought by the war, we simply cannot predict what will happen in the future."

Powell: Will Serve as Interim Chair if New Chair Not Confirmed by End of Term; Won't Resign Before Justice Department Investigation Concludes

Gate News: On March 18, Federal Reserve Chair Jerome Powell stated on March 19 that if a new Fed chair has not been confirmed by the end of his term, he will serve as interim chair. Powell also stated that he has no intention of leaving the Board before the conclusion of the Department of Justice investigation, but has not yet decided whether he will remain in position after the DOJ investigation concludes.

Federal Reserve Chair Powell: Inflation Shocks Disrupt Progress, Future Path Depends on Controlling Commodity Inflation

Gate News reports that on March 18, Federal Reserve Chair Powell stated on March 19 that he is fully aware that a series of inflation shocks have interrupted previous progress. He pointed out that future inflation will be affected by some factors, and whether the Federal Reserve can disregard energy inflation depends on whether it can successfully contain commodity inflation.

Goldman Sachs expects the Federal Reserve to cut rates twice in 2026, with timing dependent on conflict duration.

Gate News reported that on March 18, Lindsay Rosner, Goldman Sachs' head of multi-asset fixed income investing, stated on March 19 that despite upward revisions to inflation forecasts, the U.S. Federal Open Market Committee (FOMC) still maintains an accommodative bias. Goldman Sachs continues to believe there is room for two "normalization" rate cuts in 2026, although the specific timing will still depend on the duration of the conflict.