According to TechFlow, the Federal Reserve maintained the benchmark interest rate unchanged at 5.25%-5.50% for the seventh consecutive time, in line with market expectations.

The Fed's dot plot shows a 25 basis point rate cut in 2024. No official sees three or more rate cuts this year, down from 10 previously. Four rate cuts are expected in 2025 (up from three in March).

In the FOMC statement, the committee seeks to achieve maximum employment and 2% inflation in the long run. The committee judges that the risks to achieving the employment and inflation goals have become better balanced over the past year. The committee does not expect to lower the target range for interest rates until it is more confident that inflation will continue to move toward 2%. In assessing the appropriate monetary policy stance, the committee will continue to monitor the impact of new information on the economic outlook. If risks emerge that could impede the achievement of the committee's goals, the committee will be prepared to adjust the monetary policy stance as appropriate.