Inflation is improving, but prices are still growing faster than normal. The economy is slowing but not enough to convince the Federal Reserve that it can take its foot off the brake. The blurry picture has left Fed leaders in no rush to cut high interest rates this year,

Federal Reserve officials on Wednesday will likely make official what’s been clear for many weeks: With inflation sticking at a level above their 2% target, they’re downgrading their outlook for interest rate cuts.

Federal Reserve officials said June 12 that inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest