The Fed's March meeting revealed upward revisions to inflation forecasts, with officials now expecting 2.7% PCE inflation for 2026, both headline and core. Markets have shifted dramatically—futures now price a 52% probability of rate increases by end-2026, driven by oil prices topping $110 amid the Iran conflict and mounting inflation pressures. The coordinated moves across Fed rate markets—from January 2027 cuts (Above 4.00% jumped 41¢) to April 2027 hikes (Above 3.75% up 43¢)—signal traders are pricing a fundamentally different trajectory. Fed officials indicated consensus for one cut this year, but market pricing points to no chance of reduction.