On March 20, Whitney Watson, co-head of global asset management at Goldman Sachs, said that as expected, the Federal Reserve took a cautious tone at this month's meeting, keeping rates unchanged while waiting for clarity on the economic growth outlook and changes in trade policy. The revisions to the Federal Open Market Committee members' forecasts had a slightly "stagflationary" feel, as their projections for growth and inflation moved in opposite directions. Currently, the Federal Reserve is in a wait-and-see mode as it observes whether the recent slowdown in economic growth will develop into a more serious issue.