The Fed’s decision, along with new economic projections and a news conference with Jerome H. Powell, the chair, shed additional light on the path ahead for borrowing costs. The Fed sees little urgency to lower interest rates anytime soon.

Tariffs will likely push inflation higher in the months ahead. Powell, speaking at a press conference following the Federal Open Market Committee’s rate decision, emphasized the high level of uncertainty facing the economy but was much more certain about this specific inflation risk.