Federal Reserve Chair Jerome Powell held a press conference at 2:30 p.m. ET on June 12, 2024, where the Federal Open Market Committee (FOMC) announced its decision to hold the benchmark interest rate steady. This decision is part of the Fed's ongoing efforts to combat inflation, despite new data indicating a slight cooldown in price increases. Powell's remarks followed the FOMC meeting and addressed the latest economic projections, including the expectation of a single rate cut later this year.