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The Federal Reserve kept its benchmark interest rate unchanged Wednesday and signaled that it still expects to cut rates twice this year, though more policymakers forecast fewer cuts.

Policymakers are still indicating they expect to cut rates by the end of the year.

When considering whether to cut rates, the Bank has to balance the need to slow price rises against the risk of damaging the economy.

Bank of England governor Andrew Bailey said the interest-rate setting committee expected to be able to cut rates further "but we will have to judge meeting by meeting, how far and how fast".

Federal Reserve chairman Jerome Powell told Congress on Tuesday that the bank was in little hurry to cut rates further.