#PowellRemarks The Federal Reserve kept a steady hand on interest rates, maintaining them at their target range of 4.25% to 4.5%.

The central bank is calling for two rate cuts this year, but policymakers see higher inflation. They have also cut their outlook for gross domestic product.

At his press conference, Federal Reserve Chair Jerome Powell said that policymakers are "well positioned to wait" before moving further on rates. He also said that "we're beginning to see some effects" of tariffs on inflation.

While speaking about the sustained strength in the labor market, Powell added that he sees no signs in the near term that the U.S. economy will weaken.

"The U.S. economy has defied all kinds of forecasts for it to weaken, really over the last three years, and it's been remarkable to see … again and again when people think it's going to weaken out. Eventually it will, but we don't see signs of that now," he said.