In the early morning of March 20, the Federal Reserve announced that it would maintain the benchmark interest rate unchanged at 4.25%-4.5%, and hinted that it might cut interest rates twice this year. This decision was in line with market expectations, but the economic forecast released after the meeting and Powell's statement still caused market fluctuations.

In March 2025, the Federal Reserve faces a complex economic environment: the year-on-year growth rate of the U.S. CPI fell to 2.8% in February, and the core CPI fell to 3.1%, indicating that inflationary pressure has eased; non-farm employment increased by 151,000, the unemployment rate rose to 4.1%, and the labor market cooled marginally.