Fed holds rates steady as inflation casts doubt on future cuts

The Federal Reserve on Wednesday held interest rates steady for the sixth straight time after a string of disappointing inflation readings dimmed the odds of cuts later this year.

The widely expected decision – which left interest rates unchanged at a range of 5.25% to 5.5%, the highest level in 23 years – comes amid signs that progress on inflation is stalling, or even starting to reverse.

In their post-meeting statement, policymakers left the door open to rate cuts but stressed they...