Federal Reserve envisions just one rate cut this year

Updated at 2:22 p.m.

FEDERAL RESERVE Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington. /ASSOCIATED PRESS FILE PHOTO/SUSAN WALSH

WASHINGTON (AP) – Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year.  The policymakers’ forecast for one rate cut was down from a previous forecast of three, likely because inflation, despite having

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