Washington | The Federal Reserve held interest rates steady and projected higher inflation, steady unemployment and only a single rate cut for the year as officials took stock of economic risks from the US and Israeli war with Iran.
New projections from US central bank policymakers showed the Fed’s benchmark overnight interest rate would fall by just a quarter of a percentage point by the end of this year, with no hint of the timing of such a move. That view was unchanged from previous projections and remains out of step with President Donald Trump’s demand for a sharp drop in borrowing costs.
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Reuters