Fed to meet amid dwindling hopes of summer rate cuts

The Fed's decision to hike interest rates and then hold them at a 23-year high has helped to significantly lower elevated inflation, although it remains stuck firmly above the US central bank's long-term target of two percent.

Since the start of this year, the Fed's favored inflation measure has actually accelerated, hitting an annual rate of 2.7 percent in March, while economic growth has slowed, and the labor market has remained robust.

The current environment, analysts say, is likely...