Inflation is still above the Fed’s 2 per cent target due to higher energy prices caused by global conflicts and supply shocks.

The Federal Reserve is expected to hold rates at 3.50%-3.75% at its June meeting, with 96% probability. New chair Kevin Warsh faces his first FOMC decision.

Futures markets overwhelmingly expect the Fed to hold interest rates steady.

The Federal Reserve held interest rates steady at 3.5%-3.75% in Kevin Warsh's first meeting, with policymakers signaling potential rate hikes to combat surging inflation. Despite…