The consumer price index rose 0.3% from December to January and 3.1% from a year ago
Central bank cautioned that it “does not expect it will be appropriate” to cut rates until it has greater confidence inflation is moving sustainably to 2% target
U.S. worker paycheque growth slowed late last year
Most economists expect the first rate cut to occur in May or June
The latest data suggests the American economy is achieving a difficult “soft landing”
A measure of consumer sentiment has jumped by the most since 1991
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
The stickiness of inflation in the service sector will likely keep the Federal Reserve on guard
Wednesday's rate announcement follows an inflation report on Tuesday