The Fed was upbeat about the economy in its statement, saying growth was solid, but the details of their individual forecasts show more worries about both higher inflation and a slowing economy.

The Federal Reserve kept its forecast for two rate cuts this year amid Trump's tariffs, which are expected to push up inflation and slow the economy

The Federal Reserve left interest rates unchanged, as expected Wednesday, and updated its economic projections. Specifically, officials revised down their outlook for growth and marked up their inflation forecasts.

A new set of economic projections will give the clearest sense to date of how officials think President Trump’s agenda will impact the economy.

The Fed is set to hold interest rates steady, but with inflation rising amid a slowing economy, it could lower its forecast for interest rate cuts.