Federal Reserve holds its benchmark interest rate steady at today's FOMC meeting

The Federal Reserve said Wednesday it is holding its benchmark interest rate steady, marking a continuation of its "wait-and-see" approach as it assesses the impact of the Trump administration's economic policies.

The central bank also expects inflation to worsen in the coming months, but it still foresees two interest rate cuts by the end of this year, the same as it projected in March.

"For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance," Fed Chair Jerome Powell said at a Wednesday press conference to discuss the rate decision.