Welcome to Fed Watch. Former Fed vice chair Alan Blinder feels the Fed should have left rates unchanged after their March FOMC meeting. The Fed elected to raise rates by 25 basis points, elevating the new rate range to 4.75 to 5%, the highest since October 2007. Blinder believes the central banks should have let the dust settle from the recent collapses in the banking system before making any further changes. 

We don't want to make too big a deal out of 25 basis points, but I think for I think very much firmly that the right decision today would have been a pause with words. Thank heaven the Fed talks now instead of just mumbling with great incoherence with words, saying we're waiting to see if the dust clears and how it clears, and we may be going up higher, depending if, you know if this crisis doesn't look too serious.

We still have an inflation fight on our hands. I think that would have been a much better choice. And in fact, the statement and Jay Powell, his press conference, made a very good case for that.I think if you came down from Mars and just listen to the words you might have thought they paused today. 

While the Federal Open Market Committee chose to raise interest rates. They kept their projected terminal rate range for the year at 5 to 5.25%, the same as projected back in December.The S&P 500, Dow, and NASDAQ each closed down 1.6% on the day of the announcement. But had recouped most of those losses by noon the following day.

That's it for this edition of fed Watch. For Asset TV I'm Jonathan Forsgren. We'll see you next time.