The Federal Reserve said Wednesday it will maintain the benchmark interest rate at its current range of 4.25% to 4.5%

Federal Reserve officials expect inflation to worsen in the coming months but they still foresee two interest rate cuts by the end of this year, the same as they projected in March.

The U.S. Federal Reserve held key interest rates steady Wednesday but said it still sees the possibility of two cuts later this year, with expectations that President Donald Trump's tariff policies will spike inflation.