
The Fed FOMC Meeting and the Illusion of Asymmetric Insight
The Federal Open Market Committee (FOMC), which sets U.S. monetary policy by adjusting interest rates, unanimously voted to keep the fed funds rate in the 4.25%–4.5% range in March. The most notable change in the post-meeting statement was the addition of a new clause: “Uncertainty around the economic outlook has increased.” It's an illusion of asymmetric insight.