Arab Finance: The US Federal Reserve has kept interest rates unchanged at 5.25% to 5.5%, expecting just one rate cut this year, as per a Federal Open Market Committee's (FOMC) statement.

“Economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low,” the Fed stated, adding that inflation has remained elevated.

However, the FOMC mentioned that “there has been modest further progress” toward its 2% inflation target.

Despite the recent progress in building confidence, Fed Chair Jerome Powell stated that "we do not see ourselves as having the confidence that would warrant beginning to loosen policy at this time.”

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