Fed keeps policy steady, more cautious than expected about September rate cuts

As expected, the Fed kept its benchmark federal funds rate range of 5.25%-5.50% unchanged. In his post-meeting press conference, Fed Chairman Jerome Powell said recent data had reinforced the belief that inflation would rise back to the 2 per cent target. He said that while no decision had been made on rates for September, "generally speaking, we're getting closer" to a cut.