The Federal Reserve has kept interest rates steady for a second consecutive meeting and released new projections that indicate most officials anticipate at least one rate cut this year. The Iran war's oil shock is causing prices to rise as the labor market weakens. Fed governor Stephen Miran was the only official dissenting, preferring to cut rates by a quarter percentage point. The decision comes at a politically fraught moment for Fed chair Jerome Powell, whose term expires on May 15. The new projections show that Warsh will inherit a policy committee with differing views on the interest rate path, which may make it difficult for Warsh to implement further rate cuts.