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At the Fed's policy meeting ending today, it kept the benchmark federal funds rate steady in a range of 5.25% to 5.5%, the highest level in the last two decades. 

Officials described recent inflation developments as "moderate" in their Federal Open Market Committee (FOMC) post-meeting policy statement, a slight upgrade from last month. New economic projections showed that 11 out of 19 policymakers do not expect more than one rate cut this year. The other eight officials foresee two interest rate cuts this year. 

The Federal Open Market Committee, which makes policy decisions of the US Federal Reserve, held on June 11-12 and unanimously agreed that the interest rate range remained at 5.25-5.50 percent.