Fed holds interest rates steady, still sees two cuts coming this year

Revisions

The Fed makes multiple revisions to their 2025 economic data projections.

1. Cuts 2025 GDP growth projection from 2.1% to 1.7%
2. Raises unemployment forecast from 4.3% to 4.4%
3. Raises PCE inflation forecast from 2.5% to 2.7%
4. Raises Core PCE inflation forecast from 2.5% to 2.8%

Overall the Fed sees higher inflation and a weaker economy.