After three straight hotter-than-expected inflation reports, Federal Reserve officials have turned more cautious about the prospect of interest rate cuts this year.

U.S. central bank officials will conclude their latest two-day policy meeting on Wednesday with a new statement and comments from Federal Reserve Chair Jerome Powell that could give a clearer sense of how recent disappointing inflation readings have changed the expectation for interest rate cuts this year.

The Federal Reserve is widely expected to hold interest rates steady at the conclusion of its two-day meeting on Wednesday amid signs of sticky inflation.

The Federal Reserve meets for the first time since recent high inflation reports dampened hopes it would cut interest rates three times this year.

The Fed has sought to slow inflation by keeping interest rates elevated. By making it more expensive for businesses and consumers to borrow money, including through credit cards,