The Federal Reserve is largely expected to stay put on interest rates, maintaining them at a target range of 4.25% to 4.5%, which is where they've been since December. Even as rates are off their highs and the Fed put through three cuts in late 2024, borrowing costs remain relatively high for consumers.

Powell said uncertainty about Trump's tariffs, apprehension about their economic impact, the good job market, and the Fed's forward-looking forecasts have all played roles in the decisions to keep rates steady.

Federal Reserve Board - Federal Reserve Board and Federal Open Market Committee release economic projections from the June 17-18 FOMC meeting.