The Federal Reserve kept interest rates steady but hinted at possible rate cuts later in the year. The Fed also expects slower economic growth and higher inflation. US stock indexes, including the Dow Jones and S&P 500,

The Dow Jones Industrial Average jumped almost 600 points while the US tech stocks-heavy Nasdaq Composite came within 100 points of the psychologically important 18,000 mark, after the Fed maintained a status quo on key American interest rates as widely expected.