U.S. Fed holds interest rates steady, sees just 1 cut in 2024 despite inflation progress

U.S. Federal Reserve officials said Wednesday that inflation has fallen further toward their target in recent months, but signalled that they expect to cut their benchmark interest rate just once this year.

U.S. Fed holds interest rates steady, sees just 1 cut in 2024 despite inflation progress
U.S. Federal Reserve Chairman Jerome Powell listens to a question during a press conference after the release of the Fed policy decision to keep interest rates unchanged, at the Federal Reserve in Washington, U.S,  June 14, 2023.  REUTERS/Kevin Lamarque

U.S. Federal Reserve officials said Wednesday that inflation has fallen further toward their target in recent months, but signalled that they expect to cut their benchmark interest rate just once this year.