TD Securities' Global Strategy Team reviews the recent FOMC meeting, where the Federal Reserve maintained rates at 3.50%-3.75%. The statement was marginally hawkish, with Chair Powell indicating that the Fed can be patient and let data guide future decisions. FOMC meeting and economic data outlook"While we maintain our call for a March cut, it is clear that the risk is for the Fed to stay on hold for longer. "The Committee will likely wait for either additional labor market weakness or confirmation of the one-off tariff inflation impact before resuming cuts. "Marginally hawkish flavor in the FOMC statement helped the USD, but we expect any USD bounces to be short-lived and see upside in EUR, AUD, GBP, SEK."