The Federal Open Market Committee (FOMC) maintained its benchmark interest rate in the 4.25%-4.5% range, unchanged. Alongside the decision, the Fed revised its economic outlook, lowering its growth projection for the year to 1.7%.

Policymakers also raised their inflation expectations, signaling persistent price pressures. Moreover, the Fed announced a further reduction in its “quantitative tightening” program, continuing the gradual unwinding of its bond holdings.

This article first appeared in Investing.com