March 18, 2026 - March 20, 2026, the implied probability of 'No Change' likely surged from ~60% to current levels, driven by the hawkish signals from the March FOMC meeting (raised inflation forecasts due to the Iran war), which caused the market to largely abandon bets on first-half rate cuts. Simultaneously, '25 bps decrease' likely plummeted, reflecting the return of the 'Higher for Longer' narrative.