03:28 PM EDT, 03/20/2024 (MT Newswires) -- There were no significant changes to the Federal Open Market Committee's post-meeting statement and no clues regarding plans to slow the pace of trimming of the Fed's securities holdings on its balance sheet.

Despite adjusting the outlook for GDP growth significantly higher for 2024 in the updated Summary of Economic Projections, core inflation marginally higher and the unemployment rate lower, the median outlook for the federal funds rate remained at 4.6% for the end of the year, still indicating three cuts from the current level.

The median federal funds rate for the end of 2025 now suggests three rate cuts next year, compared with four in the December update. The end-of-2026 median was revised higher due to the adjustment in 2025, while the longer-term median was adjusted to 2.6% from 2.5%.

Fed Chair Jerome Powell (voter) said that a slowdown in the Fed's holdings of securities on its balance sheet was discussed at the meeting. While no decisions were made, it is likely to be appropriate "fairly soon." Powell repeated that the FOMC is willing to wait for the pace of inflation to be move "sustainably" toward the 2% goal before trimming rates.