According to the latest Fed update, interest rates remain in the current range of 5.25% to 5.5%, which is the sixth consecutive unchanged. This decision is due to the fact that inflation issues are still not fully resolved. Although inflation has fallen from its peak, it is still above the Fed's 2% target. Currently, core inflation (excluding food and energy) is around 2.8% [oai_citation:1,Fed holds rates steady as inflation casts doubt on future cuts | Fox Business](https://www.foxbusiness.com/economy/federal-reserve-interest-rate-decision-may-2024) [oai_citation:2,US Fed Meet 2024: Fed Reserve keeps interest rates steady for 4th time in a row | Hindustan Times](https://www.hindustantimes.com/world-news/us-news/us-fed-meeting-2024-live-fed-keeps-interest-rates-steady-as-powell-says-path-forward-is-still-uncertain-101706711894550.html)

Fed Chairman Jerome Powell said that while the current policy rate may have reached the peak of this tightening cycle, there will be no rate cuts in the short term. The Fed wants to see more sustained data showing that inflation is moving steadily toward its 2% target before it will consider cutting rates [oai_citation:3,US Fed Meet 2024: Fed Reserve keeps interest rates steady for 4th time in a row | Hindustan Times](https://www.hindustantimes.com/world-news/us-news/us-fed-meeting-2024-live-fed-keeps-interest-rates-steady-as-powell-says-path-forward-is-still-uncertain-101706711894550.html). Despite market expectations for a possible rate cut later this year, Powell stressed that further evidence was needed to ensure inflation was on a downward trajectory [oai_citation:4,Fed holds rates steady as inflation casts doubt on future cuts | Fox Business](https://www.foxbusiness.com/economy/federal-reserve-interest-rate-decision-may-2024) [oai_citation:5,US Fed Meet 2024: Fed Reserve keeps interest rates steady for 4th time in a row | Hindustan Times](https://www.hindustantimes.com/world-news/us-news/us-fed-meeting-2024-live-fed-keeps-interest-rates-steady-as-powell-says-path-forward-is-still-uncertain-101706711894550.html)

In general, although there may be expectations of interest rate cuts in the second half of 2024, the current inflation level and economic conditions indicate that the Fed will maintain its current policy in the near future.