The Federal Reserve left interest rates unchanged at its meeting. Markets were more interested in its latest projections for the American economy. The Fed now expects GDP to expand by 1.7% in 2025, down from a previous forecast of 2.1%, and inflation to average 2.7%, up from its projection of 2.5%. Meanwhile, Donald Trump nominated Michelle Bowman, one of the Fed’s governors, to the job of overseeing bank regulation at the Fed. A critic of over-stringent rules, Ms Bowman is expected to take a lighter-touch approach to Wall Street than her predecessor, Michael Barr.