As widely expected, the Federal Reserve held its policy rate at 4.25%-4.50% on Wednesday for a fourth straight meeting as the central bankers wait for further clarity in the evolving economic outlook.

The Federal Reserve left rates unchanged for the fourth meeting in a row. In the statement, FOMC members say "the unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat

It expects noticeably weaker growth, higher inflation, and slightly higher unemployment by the end of this year than it had forecast in March, before the president announced sweeping tariffs.