Already facing uncharted territory, the Federal Open Market Committee’s job is only getting tougher. It faces innumerable conundrums: assessing the economic outlook and how recent financial turmoil impacts that, the rate decision, financial stability considerations and communicating decisions. This FOMC meeting from 21-22 March will come with a new dot plot – it may end up heightening confusion. What to make of the economic outlook? In the period prior to Silicon Valley Bank developments, the US economy was running hotter than expected. Continued strong labour markets underpinned growth relative to expectation, with ... (full story)