The U.S. Federal Reserve said it kept the primary credit rate at 3.75 percent at its February and March discount rate meetings. On April 14, blockchain media outlet BeInCrypto reported that all 12 Federal Reserve Banks backed holding rates steady at both meetings.

The released minutes cover board discussions on Feb. 9 and March 18. Neither meeting produced any support for changing rates. In a joint meeting with the Federal Open Market Committee on March 18, the Fed kept the target range for the federal funds rate at 3.5 to 3.75 percent and held interest on reserves at 3.65 percent.

The Fed pointed to the absence of sharp shifts in growth, employment and inflation. Directors at regional Fed banks judged economic conditions to be stable in most areas. The labor market saw limited hiring increases and low job-switching rates, while wage gains remained moderate. Some areas, however, still saw difficulty hiring skilled workers, particularly in healthcare.

Business investment trends were also cited as a reason to hold rates. Regional Fed bank directors said investment in technology and artificial intelligence continued to expand. They also noted that companies were maintaining related spending to improve efficiency, but that AI's direct impact on the labor market remained limited.

On inflation, tariff-driven cost pressure appeared somewhat less intense than in earlier assessments. The cost burden did not disappear completely. Regional Fed bank directors said non-labor costs were rising in healthcare and energy. The Fed's decision not to quickly pivot to rate cuts was seen as reflecting these residual cost burdens.

The Fed also maintained its existing lending program framework. The secondary credit rate was set at 4.25 percent, 50 basis points above the primary credit rate. It also extended the existing formula for its seasonal credit program.

Votes were unanimous at both meetings. Fed Chair Jerome Powell (제롬 파월), Fed Vice Chair Philip Jefferson (필립 제퍼슨) and all participating governors voted in favor. Governors Christopher Waller and Steven Miran were absent from the February meeting but took part in the March meeting.

The minutes show the Fed remains cautious about shifting to easing as markets watch the possibility of rate cuts this year. The Fed confirmed that neither meeting showed "any atmosphere" for changing rates. Regions also described economic conditions as "generally stable" and judged tariff-related inflation pressure as "more eased than the prior assessment," while concluding that factors driving cost increases remained.

In this situation, market participants are likely to watch upcoming inflation indicators more closely. A shift in the Fed's next decision would require confirmation that inflation is actually slowing. For now, stable employment and some rising costs are occurring at the same time, increasing expectations that the Fed's cautious hold stance will persist for the time being.