Annual consumer price increases are expected to hit 3% this year, up from March’s prediction of 2.7%. Expectations for gross domestic product growth fell from 1.7% in March to 1.4%. And the Fed anticipates unemployment to hit 4.5% at year-end, up from March’s 4.4% prediction and the current rate of 4.2%.

Still, the Fed was in no rush to cut rates amid other signs of positive economic data, and economists are mixed on when they think the central bank will make its next rate cut. Powell highlighted a "pretty good" labor market with low unemployment during a press conference following the Fed’s June 18 meeting.