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Fed holds rates steady

Video Credit: Reuters Studio - Duration: 02:23s - Published < > Embed
Fed holds rates steady

Fed holds rates steady

The U.S. Federal Reserve held interest rates steady on Wednesday, but Fed Chairman Jerome Powell signaled "additional monetary policy and accommodation" after reports of a possible rate cuts later this year.

Rough Cut (no reporter narration).

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Fed holds rates steady

ROUGH CUT (NO REPORTER NARRATION) The U.S. Federal Reserve held interest rates steady on Wednesday but signaled possible rate cuts of as much as half a percentage point over the remainder of this year, as it responded to increased economic uncertainty and a drop in expected inflation.

The U.S. central bank said it "will act as appropriate to sustain" the economic expansion as it approaches the 10-year mark and dropped a promise to be "patient" in adjusting rates.

Nearly half its policymakers now show a willingness to lower borrowing costs over the next six months.

While new economic projections showed policymakers' views of growth and unemployment largely unchanged, they saw headline inflation at just 1.5 percent for the year, down from the 1.8 percent projected in March.

They also expect to miss their 2 percent inflation target next year as well.



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