The Federal Reserve decided Wednesday to hold interest rates steady and indicated that no more hikes will be coming this year.
In a unanimous move that coincides with market expectations and demands, the central bank's policymaking Federal Open Market Committee took a sharp dovish turn from policy projections just three months earlier.
After the announcement, 10-year Treasury yields fell to their lowest level in a year.
Committee members had estimated in December that two rate hikes would be appropriate in 2019 after four increases in 2018. They also pointed to at least another one before ending a round of policy tightening that began in December 2015.
However, there now appears to be no likelihood of a hike unless conditions change significantly. In its post-meeting statement, the FOMC indicated it would remain "patient" before adopting any further increases.
The Fed currently holds its benchmark funds rate in a range of 2.25 percent to 2.5 percent. The rate is used as a key for determining interest on most adjustable-rate consumer debt, like credit cards and home equity loans.