The US Federal Reserve has decided to keep interest rates unchanged and maintain the rate between 5.25% and 5.5%, the highest in 22 years, CNBC reports.
However, the Fed indicated that it expects one more hike by the end of the year and fewer cuts than previously indicated next year.
The Fed also revised its economic growth forecasts for this year, with gross domestic product expected to increase by 2.1% this year.
The Fed is also continuing to reduce its bond holdings, which has cut the central bank balance sheet by some $815 billion since June 2022.
