Fed delivers small rate hike, signals cautious outlook

STORY: At the press conference following the release of the FOMC statement, Chair Jerome Powell said the Fed still views inflation as too high and said high price pressures remain a matter of concern for the central bank.

Because of that, Powell said it's too soon to say the rate hike cycle is over. "We are prepared to do more" with rate rises if needed, and officials did not decide at the meeting to pause on a rate hike at the June policy meeting, and what happens next on rates is a decision that officials will make on a "meeting by meeting" basis, Powell said.