According to the March 15th 2022 Federal Reserve announcement, "Indicators of economic activity and employment have continued to strengthen. Job gains have been strong in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures.

The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The implications for the U.S. economy are highly uncertain, but in the near term the invasion and related events are likely to additional upward pressure on inflation and weigh on economic activity."

Using the Taylor model, this should have resulted in...............

An increase in interest rates

A decrease in interest rates

No change in interest rates