US Federal Reserve sees inflation progress but envisions only one rate cut this year

FILE - A screen displays a news conference with Federal Reserve Chairman Jerome Powell on the floor at the New York Stock Exchange in New York, May 1, 2024. On June 12, 2024, the Federal Reserve signaled it expects to cut its benchmark interest rate just once this year. 

Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled they expect to cut their benchmark interest rate just once this year.