The Federal Reserve held interest rates at a two-decade high on Wednesday, as it awaits more signs of inflation cooling.
Officials at the US central bank expect to cut rates just once this year, according to projections released on Wednesday after their latest two-day meeting.
As recently as March, the last time these projections were released, policymakers expected the Fed to cut rates three times this year.
This time around, they opted to keep rates between 5.25% and 5.5%, where they have been for nearly a year.
While the Fed chair, Jerome Powell, described price growth as “still too high”, he welcomed official data released on Wednesday which signaled that it had eased.
