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WASHINGTON —Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled they expect to cut their benchmark interest rate just once this year.
The policymakers' forecast for one rate cut was down from a previous forecast of three, because inflation, despite having cooled in the past two months, remains persistently elevated.
In a statement issued after its two-day meeting, the Fed said the economy is growing at a solid pace, while hiring has "remained strong." The officials also noted that in recent months there has been "modest" further progress toward their 2% inflation target. That is a more positive assessment than after the Fed's previous meeting May 1, when the officials had noted a lack of progress.
Still, the central bank made clear Wednesday that further improvement is needed.
"We'll need to see more good data to bolster our confidence that inflation is moving sustainably toward 2%," Chair Jerome Powell said at a news conference after the Fed meeting ended.
As expected, the policymakers kept their key rate unchanged at roughly 5.3%. The benchmark rate has remained at that level since July of last year, after the Fed raised it 11 times to try to slow borrowing and spending and cool inflation. Fed rate cuts would, over time, lighten loan costs for consumers, who have faced punishingly high rates for mortgages, auto loans, credit cards and other forms of borrowing.
The officials' rate-cut forecast reflects the individual estimates of 19 policymakers. The Fed said eight of the officials projected two rate cuts. Seven projected one cut. Four of the policymakers envisioned no cuts at all this year.
"What everyone agrees on," Powell said at his news conference, is that the Fed's timetable for rate cuts is "going to be data dependent."
The Fed's latest projections are by no means fixed. The policymakers frequently revise their plans for rate cuts - or hikes - depending on how economic growth and inflation evolve over time.
On Wednesday morning, the government reported that inflation eased in May for a second straight month, a hopeful sign that an acceleration of prices that occurred early this year may have passed. Consumer prices excluding volatile food and energy costs - the closely watched "core" index - rose just 0.2% from April, the smallest rise since October. Measured from a year earlier, core prices climbed 3.4%, the mildest pace in three years.
"We welcome today's reading and hope for more like that," Powell said.
Though inflation has tumbled from a peak of 9.1% two years ago, it remains too high for the Fed's liking. The policymakers now face the delicate task of keeping rates high enough to slow spending and defeat high inflation without derailing the economy.