The Federal Reserve announced a decision to maintain interest rates unchanged between 5.25% and 5.5% at the June 11-12 meeting, maintaining them at 23-year highs.

The Feds policy statement explains that the Federal Open Market Committee considers the risks facing achieving better employment and inflation goals are moving towards a better balance, but the economic outlook remains uncertain.

More crucially, the Fed expects a single interest rate cut this year instead of three cuts mentioned at the March meeting statement.

The statement included the phrase: The Committee remains very vigilant to inflation risks, which shows continued concerns about the path of inflation.

Its worth noting that mainline US inflation has slowed down to 3.3% in May from a peak of 9.9% in 2022.