The United States central banking system, the Federal Reserve, is less likely to cut rates this month during its regularly scheduled two-day meeting following stubbornly rising inflation.

The FOMC meeting for this month is set to take place between 28th and 29th, and all eyes are on the Federal Reserve interest rates decision.

Federal Reserve policymakers got fresh reasons to hold short-term borrowing costs steady after government data signaled renewed strength in the U.S. job market, with traders now betting the U.S. central bank will wait until June to cut interest rates again and end its rate-cutting cycle there.