As expected, the Fed kept rates on hold at 5.25%. But there doesn't seem to be much in the way of bearishness at the FOMC: the statement says that "going forward, the economy seems likely to expand at a moderate pace". It goes on to talk about "the extent and timing of any additional firming that may be needed" – no one at the Fed seems to be anticipating any rate cuts for the foreseeable future.

Will the Fed Have to Raise Rates to Bring Inflation Down?