U.S. consumer inflation was most recently reported at 3.5%
Figures from March will likely delay Fed rate cuts
Says recent data showing signs of persistent inflation don’t materially change the overall picture
Officials kept their benchmark rate unchanged for a fifth straight time, slightly raised inflation forecasts
Federal Reserve officials are expected to play it safe when they meet this week
Recent data suggest U.S. economy remains hot
Strong hiring, wage growth could delay interest rate cuts
Member of the Fed's board of governors noted that inflation is slowing even as growth and hiring remain solid
Central bank foresees three rate cuts next year
Wednesday's rate announcement follows an inflation report on Tuesday