The Federal Reserve kept interest rates unchanged following its meeting on Wednesday — a move that was widely anticipated as the central bank cautioned that it “does not expect it will be appropriate” to slash rates “until it has gained greater confidence that inflation is moving sustainably toward 2%.”

The central bankers signaled that they still anticipate three rate cuts this year, with investors betting the first 25 basis point cut will come in June.

Two weeks ago, Fed Chair Jerome Powell suggested that the central bank was “not far” from gaining the confidence it needed that inflation was headed sustainably toward its 2% target level, which would allow it to start cutting its benchmark interest rate.