The Federal Reserve kept its forecast for two rate cuts this year amid Trump's tariffs, which are expected to push up inflation and slow the economy

U.S. central bankers on Wednesday signaled they are likely to deliver two quarter-point interest-rate cuts later this year, the same median forecast as three months ago, even as they forecast slower economic growth and higher inflation.

The Federal Reserve held interest rates steady on Wednesday, opting for a patient approach weeks after President Donald Trump's tariffs touched off a global trade war that sent stocks reeling and triggered concern about a possible recession.