In the accompanying letter from the Fed:

⚪️The Fed forecasts 2 interest rate cuts this year.

⚪️The level of uncertainty has decreased, but remains elevated.

⚪️The Fed has lowered its GDP growth forecast for the US in 2025 to +1.4%.

⚪️The Fed has raised its inflation forecast to +3%.

⚪️The unemployment rate remains low, labor market conditions are stable.

⚪️Inflation remains somewhat elevated.

⚪️The Fed removed the wording about the risks of higher unemployment and inflation.