Fed will hold interest rates steady but officials hint rates could be cut this year

Chair Jay Powell says central bank getting closer to the point' of possible rate cut - but we're not quite there yet'

The US Federal Reserve announced on Wednesday it will hold interest rates steady, though officials hinted at optimism that rates could be cut later this year.

Interest rates are set by the Fed's federal open market committee (FOMC), which meets eight times a year and will next meet in September.