March Federal Reserve Meeting Highlights:

• The era of "easy" rate cuts may be over. Last year's rate cuts were merely adjustments; future rate cuts must be based on improvements in inflation data or the emergence of genuine downside risks.
• Although market sentiment is not as hawkish as some feared, Powell told the markets not to rely too heavily on these projections given the prevailing uncertainty.
• The lack of progress in core services growth excluding housing is "frustrating." If the Federal Reserve cannot explain why this issue has stalled, it will be difficult for people to believe that inflation can resolve itself.
• The Justice Department investigation has backfired: Powell stated he will remain in his position until the investigation concludes, while appeals are freezing Waller's appointment.