BREAKING: The Fed kept the interest rate steady. The expectation was that it would be kept constant.

Powell: We've made really good progress in inflation. In line with the 2 percent target, our confidence increased even more.

• If inflation proceeds towards the target, an interest rate cut may be on the table in September.

• We didn't make a decision for future meetings. We will make our decision as the data comes.

• Lowering interest rates was seriously discussed at this meeting.