The US central bank has kept interest rates unchanged, forecasting two hikes by the end of the year

"The support for the acquisition was given because it signifies development perspectives, and they anticipate more data for evaluation, hence the need for extended patience. Federal Governor Christopher Waller and other officials have informed that they can be separate, but caution is exercised regarding the significant increase in inflation rates."

"The US central bankers have relied on lower demand and weaker employment to assist in mitigating pressures from price increases exceeding their 2% target for over two years.

"Mixed Signals"

"Nevertheless, Federal authorities are indicating mixed signs of the expected economic slowdown."

"According to a survey, customers had less confidence in the economy in May, but their expenditure increased in the latest readings of April."

The prices have increased by 4.4% for groceries, following the personal consumption expenditure index, with the emphasis given by the Fed.

As an alternative measure, the Department of Labor's consumer price index experienced further cooling in May, and Federal officials released their data on Tuesday morning, which indicated signs of a slowdown.

In the meeting, the Fed officials also updated their economic projections for 2023. The estimated average growth in production across the country has been marked between 0.4% to 1% from March.

Unemployment is estimated to remain at around 4.1% in the fourth quarter, compared to the projected 4.5% in March. The official unemployment rate stood at 3.7% in May.

The expected rate of increase in the personal consumption expenditure (PCE) index for this year was anticipated to be 3.2%, down from the estimated 3.3% in March. However, the baseline projection for inflation has increased.

The rupee fell by 4 paise to 82.29 against the US dollar