Inflation worries continue for US Fed, pencils in just one cut this year; S&P 500 hit new highs

The US Federal Reserve chose to keep the benchmark interest rate steady at a range of 5.25 to 5.50 percent. This decision marks the seventh consecutive instance where the central bank has refrained from adjusting the rate. The Federal Reserve revised its projections, now anticipating only a single rate reduction throughout the current year.