Today's action of the Federal Open Markets Committee of the Federal Reserve — namely to hold rates where they have been — was broadly expected. Particularly as at the end of the January meeting, Fed Chair Jerome Powell explicitly said that it would be very unlikely for rate cuts to begin now.

"Inflation has eased substantially while the labor market has remained strong, and that is very good news," Powell said in today's press conference following the FOMC March meeting. "But inflation is still too high, ongoing progress in bringing it down is not assured, and the path forward is uncertain. We are fully committed to returning inflation to our 2 percent goal. Restoring price stability is essential to achieve a sustainably strong labor market that benefits all." He continued later in his speech, "The economic outlook is uncertain, however, and we remain highly attentive to inflation risks. We are prepared to maintain the current target range for the federal funds rate for longer, if appropriate.

In other words, even now it seems unlikely that there would be any rate cut until the June meeting at the soonest and possibly later. At the same time, there was a recognition of coming change.