The Federal Reserve on Wednesday (June 19) held the target range for the federal funds rate at 2.25-2.5% but dropped a promise to be “patient” in adjusting rates and signaled possible rate cuts of as much as half a percentage point later this year. The policymakers left economic projections for growth and unemployment mostly unchanged, but the headline inflation was forecasted at just 1.5% for the year, down from the 1.8% projected in March.

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