The US Federal Reserve voted on Wednesday to keep interest rates at their highest level in 23 years. The decision was in line with investors' expectations to maintain interest rates again at the end of the March meeting.
Despite ongoing concerns about inflation and economic growth, the Fed chose to wait for more data before making any adjustments. An updated economic forecast from Fed officials suggests fewer interest rate cuts are expected in the coming years than previously estimated. The labor market remains strong, but any unexpected weakness could lead to a shift in monetary policy, says Chicago Fed President Austin Goolsbee.