The Federal Reserve decided to maintain interest rates unchanged at below 5.5% at the March 19-20 meeting, which is the fifth meeting in a row of no changes in policies.

Fed policymakers expect three interest rate cuts this year, with the Fedwatch tool putting a 60% chance of a June interest rate cut.

The Fed held onto its statement of being highly cautious of inflation risks, which indicates continuous concerns with inflation.

The official Fed statement said its not suitable to cut interest rates until theres enough confidence that inflation will hit 2%.

The Fed started to raise interest rates two years ago, totalling 525 basis points of rate hikes, and making it the strongest cycle of policy tightening in four decades.