Federal Reserve expected to hold rates steady at Kevin Warsh’s first meeting

The Federal Reserve is expected to keep interest rates unchanged at the first policy meeting chaired by Kevin Warsh, while dropping phrasing such as “additional adjustments” that had hinted at possible rate cuts. May retail sales rose 0.9% month on month, far above expectations, reinforcing the view that inflation pressures remain sticky. The latest economic projections are expected to show most officials no longer anticipating rate cuts this year, with some even leaning toward an increase. That shift has weighed on expectations for commodity demand, adding pressure to crude oil and gasoline prices.