The US Federal Reserve decided, at its recently concluded meeting, to keep interest rates unchanged at 4.5%, as expected, for the fifth consecutive meeting, after a majority vote, with two members (Bowman and Waller) calling for a rate cut.

Although volatility in net exports continues to impact the data, recent indicators point to a slowdown in economic activity growth in the first half of the year. Unemployment rates remain low, labor market conditions are stable, and inflation remains moderately elevated.

The statement indicated that the Committee seeks to maximize employment and achieve a long-term inflation rate of 2%. Uncertainty about the economic outlook persists, and the Committee is closely monitoring the risks to the outlook. The Committee will be prepared to adjust monetary policy stance as necessary should risks arise that could impede the achievement of its objectives.

Less than half an hour later, markets await Fed Chairman Jerome Powell’s press conference, where he will answer questions from reporters.