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96% probability the Fed holds rates at 4.25-4.50% at the March 18-19 FOMC meeting based on CME FedWatch data
Core PCE inflation at 2.8% remains 40% above the Fed's 2% target — the primary obstacle to rate cuts
Fed statement explicitly states 'does not expect it will be appropriate to reduce' rates until inflation moves sustainably toward 2%
Unemployment at 4.2% with steady job growth gives the Fed economic cover to remain patient
Market pricing implies only 1-2 rate cuts for all of 2026, with the first possible cut now pushed to June or later
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