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U.S. central bank officials will conclude their latest two-day policy meeting on Wednesday with a new statement and comments from Federal Reserve Chair Jerome Powell that could give a clearer sense of how recent disappointing inflation readings have changed the expectation for interest rate cuts this year. The Fed is almost certain to hold its benchmark overnight interest rate steady, with investors placing nearly a 100% probability on that outcome and no support for any changes to the policy rate offered by officials ahead of the meeting. But a new policy statement issued at 2 p.m. EDT (1800 GMT) and Powell's press conference half an hour later should provide insight into how deeply – if at all – a stretch of three lost months in the inflation battle has affected the likelihood that borrowing costs will fall any time soon.

District of columbiaUnited statesPaul simaoHoward schneiderTuan nguyenJerome powellGroup fedwatch toolFederal reserveFederal reserve chair jerome powellEmployment cost indexFedwatch toolHe fedHeadline inflationCentral bank officialsInflation targetInflation battle