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Federal Reserve officials left interest rates unchanged and continued to pencil in two rate cuts in 2025, saying uncertainty over the economic outlook was still high but had diminished. The Federal Open Market Committee voted unanimously on Wednesday to hold the benchmark federal funds rate in a range of 4.25%-4.5%, as they have at each of their meetings this year.
Officials also downgraded their estimates for economic growth this year while lifting their forecasts for unemployment and inflation.

Speaking to reporters following the decision, Chair Jerome Powell repeated his view that the central bank was “well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”

While the median expectation for two rate cuts in 2025 didn’t change, a number of officials lowered their projections. Seven officials now foresee no rate cuts this year, compared with four in March. Two others pointed to one cut this year
Today's show features:

• Ross Mayfield, Investment Strategist at Baird Private Wealth Management & Ira Jersey Bloomberg Intelligence Chief US Interest Rates Strategist on FOMC Reaction
• Heather Williams, Director of Project on Nuclear Issues and Senior Fellow for Defense and Security at Center for Strategic and International Studies
• Michael Lohan, head of IDA Ireland on trade, tariffs and EU’s view of Trump.