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

Uncertainty about tariffs and inflation appear to be taking their toll on the economy. Members of the Federal Reserve’s monetary-policy committee lowered their projections for annualized growth in America’s gross domestic product to just 1.

Despite holding the policy rate target steady, the median projection for the policy rate suggests the Fed is likely to begin cutting rates later this year. Click to read.