Federal Reserve holds interest rate steady amid cooling inflation

5.25-5.5% hold

The Federal Reserve opted to keep interest rates unchanged at 5.25%-5.5% and signalled only one cut before the end of 2024.

The announcement was made hours after the US consumer price inflation (CPI) came in at 3.3% for May, falling more than the flatline growth economists had expected. The Federal Open Market Committee highlighted the growing economic activity, citing strong job gains and low unemployment rate. US inflation falls to 3.3% in May It said it would "carefully assess incoming data, the evolving outlook, and the balance of risks" in order to decide when to start cutting. While the FOMC signalled it was planning just one rate cut for the year policy makers were dividend. Four expected n...