The March meeting of the US Federal Reserve Open Market Committee (FOMC) saw the central bank leave policy on hold. The target range for the Fed funds rate was maintained at 4.25-4.50%. The decision by the FOMC to leave rates unchanged was unanimous and very much in line with market expectations. This was the second consecutive meeting where the Fed did not alter its key interest rate. Prior to this, the Fed reduced rates by 100bps over the course of its final three meetings of 2024. The Fed did announce a change to its quantitative tightening (QT) process though.