Fed holds rates steady, sees inflation elevated - MarketWatch

The Federal Reserve held its benchmark interest rate steady Wednesday, saying its "predominant policy concern remains the risk that inflation will fail to moderate as expected."
In its statement released at the conclusion of its two-day meeting, the Federal Open Market Committee acknowledged recent data shows both higher inflation and a weaker economy. See the full text of the statement.
The committee dropped a phrase from previous statements about the "additional firming that may be needed," a change interpreted by some as signaling that the Fed is moving closer to cutting interest rates later this year, as the market expects.