Federal Reserve Governor Christopher Waller has stated that he was prepared to vote against the central bank's decision to hold rates steady after February's jobs report showed 92,000 payroll losses. However, the closure of the Strait of Hormuz and rising crude prices convinced him otherwise. Waller argued that a "high and persistent" oil shock would not have a transitory impact on inflation, meaning the Fed cannot dismiss it. The Fed voted 11-1 to maintain the federal funds rate at 3.5-3.75%. Updated projections show inflation expected to hit 2.7% by year-end, up from 2.4% in December.