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The Federal Open Market Committee voted to hold target interest rates steady, due to an uncertain economic outlook and inflation risks.
Rate Decision: In its policy statement, the FOMC said it would keep the federal funds rate at a range of 5.25-5.50% until inflation is moving sustainably toward its 2% target.
Economic Projections: The Federal Reserve kept the expected 2024 change in the gross domestic product the same as its March projection: 2.1%. The unemployment projection also held steady from last quarter at 4.0%, while the Fed raised its projected rate of inflation for 2024 from 2.6% to 2.8%. It revised its estimated number of rate cuts for the year down from three to one.