The Federal Reserve left its benchmark interest rate unchanged on Tuesday, citing steady progress on inflation, which slowed to 2.3% on an annual basis last month. Officials emphasized a data-dependent approach heading into the second half of the year. Chair remarks pointed to a resilient labor market and easing price pressures in services, while flagging housing costs as a lingering concern. Markets read the statement as mildly dovish, with futures pricing a higher chance of a cut by the autumn. Economists said the central bank is trying to engineer a soft landing without reigniting price growth, a balance that has so far proved more durable than many forecasters expected.
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