Chair Powell's elucidating testimony before Congress as part of the Fed's semi-annual Monetary Policy Report made one thing clear: the Fed is on an indefinite hold. While potential labor market disruptions could prompt a reassessment of full employment later this year, the FOMC will not even begin to contemplate additional rate cuts before policy unknowns are resolved and sustained inflation progress is observed. With its five-year framework review also underway, do not expect the Fed to adjust rates before the Fall, if at all, absent an exogenous shock such as a marked deterioration in employment conditions. Furthermore, March SEP projections appear likely to reflect reduced expectations of easing from FOMC participants. After a 100bp recalibration, the Fed intends to keep policy restrictive in order to satisfy its inflation objectives.