The Federal Open Market Committee kept interest rates on hold Wednesday, but indicated that it wasn't feeling as patient as it was before with regard to monetary policy, opening the door for rate cuts this year.
"Uncertainties" about the solid view of the U.S. economy have increased, the FOMC said as it kept its key federal funds rate at 2.25% to 2.5%.
Watch Fed Chairman Jerome Powell's post-decision press conference, which starts at 2:30 PM ET (18:30 GMT).
Powell conceded that were some significant changes to Fed's policy statement in June, but suggested that the central bank was in no rush to cut rates.
"I don't think the risk of waiting too long [to cut rates] is prominent right now," Powell said.
Powell has come under criticism from President Donald Trump for not adopting more accommodative monetary policy measures, but the Fed chair insisted he intends to serve out his full four-year term.
“I think the law is clear that I have a 4-year term, and I fully intend to serve it” Powell said, when asked what he would do if Trump tweets he wants to demote you as Fed chair.
