The Federal Reserve held interest rates steady Wednesday. Officials said they expect to cut their benchmark interest rate just once this year, down from a previous forecast of three. Fed officials also noted that in recent months there has been “modest further progress” toward its 2 percent inflation target.
Despite that, according to the statement released, the Fed committee did not have enough confidence that inflation is moving sustainably toward 2 percent just yet. NTD discusses this more with Jim Iuorio, managing director at TJM Institutional Services.