The Federal Reserve remains on pause, leaving the federal funds target range unchanged at 5.25%-5.50% at its June meeting. In the Federal Open Market Committee statement, officials say "modest further progress" is being made in the fight to bring inflation down to its 2% target.

In its quarterly Summary of Economic Projections, officials reduced the number of cuts they see this year to one from three. In 2025, they now see 100 basis points worth of cuts, up from 75 previously.

Yahoo Finance's Jennifer Schonberger reports the breaking details.

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This post was written by Stephanie Mikulich.