The Federal Reserve left interest rates unchanged at Wednesday’s Federal Open Market Committee (FOMC) meeting, the second straight meeting it has been left unchanged.

"The FOMC held the federal funds rate steady but downgraded its outlook for economic growth this year and acknowledged greater downside risk to that outlook than in December. The Committee’s median member continues to expect two rate cuts in 2025 despite a higher forecast for inflation, which suggests a willingness to look through a modest rise in price growth as being a one-off effect of tariffs,” said Curt Long, America's Credit Unions Deputy Chief Economist. “Should the economy weaken, credit unions will be a critical partner for the members and local communities they serve.”

The FOMC next meets May 6-7.