Fmr. Fed officials think the right move is 'no move' on rates: Survey

March 17, 2026 - 03:16

A new survey of former Federal Reserve officials reveals a strong consensus for maintaining the current benchmark interest rate, suggesting that the era of rapid hikes may be firmly behind us. The findings, compiled by StoneX senior adviser Jon Hilsenrath, indicate that these ex-policymakers believe the "right move is no move" for the foreseeable future.

The survey highlights a cautious optimism regarding the U.S. economy's trajectory. While acknowledging the progress made in cooling inflation from its multi-decade highs, the former officials see the path to the Fed's 2% target as a slow and gradual process. Their primary concern is that cutting rates prematurely could reignite price pressures, undoing the hard-won progress of the last two years.

Looking ahead, the survey points to 2026 as the more likely period for a potential shift in monetary policy direction. The collective outlook suggests that the Federal Reserve will hold its position, prioritizing stability and data confirmation over any immediate easing. This patient stance is viewed as essential to cementing economic stability and ensuring inflation is sustainably subdued before any reduction in borrowing costs is considered.