The Federal Reserve kept its forecast for two rate cuts this year amid Trump's tariffs, which are expected to push up inflation and slow the economy

The Fed’s decision, along with new economic projections and a news conference with Jerome H. Powell, the chair, shed additional light on the path ahead for borrowing costs. The Fed sees little urgency to lower interest rates anytime soon.

The Federal Reserve downgraded its projections for U.S. economic performance this year, along with several primary economic indicators. The U.S. central bank sees lower economic growth, higher unemployment and higher prices amid major changes in U.

The Federal Reserve held its key interest rate steady for the fourth time this year on Wednesday, leaving its benchmark lending rate unchanged at a range of 4.25 percent to 4.5 percent. For homebuyers, this means that mortgage rates are likely to keep hovering around the 7-percent mark for the foreseeable future.

The Federal Reserve sets the benchmark interest rate for all other borrowing rates in the U.S. economy. This is known as the federal funds rate. Right now, the federal funds rate

Rising unemployment will likely be what pulls the trigger for the Federal Reserve to finally begin lowering interest rates again, economists say.