The Federal Reserve kept interest rates unchanged for the second consecutive meeting, highlighting the increased economic uncertainty. The median projection suggests a cumulative cut of 50 bps in 2025, while the downward revision of growth and the increase in the inflation estimate indicate a more restrictive macroeconomic environment. In addition, the Fed announced a slowdown in the pace of balance sheet reduction starting April 1, signaling a more accommodative stance regarding liquidity in the financial system.