The close split at the U.S. Federal Reserve over whether to hedge more against inflation risks or move forward faster with rate cuts came through on Friday in the first public comments from policymakers following a decision this week to hold borrowing costs steady for now.

Fed Chair Jerome Powell said that “uncertainty is unusually elevated.” A line chart of the federal funds target rate range which the Fed left unchanged at 4.25 percent to 4.5 percent. 8 Federal funds

The Federal Reserve left interest rates unchanged for the fourth straight meeting, as its leaders projected weaker growth and higher inflation this year than they envisioned three months ago — but they continue to expect two rate cuts later this year.