Federal Reserve holds interest rates at two-decade high as it waits for inflation to cool

Instead of cutting rates, central bank keeps them between 5.25% and 5.5%, where they have been for nearly a year

The Federal Reserve held interest rates at a two-decade high on Wednesday, as it awaits more signs of inflation cooling.

Officials at the US central bank expect to cut rates just once this year, according to projections released on Wednesday after their latest two-day meeting.